Prices of Basra crudes lost 1% on Thursday

Shafaq News/ The price of Basra crudes to Asian customers dropped by 1% on Thursday.

Basra's intermediate crude price to Asian markets decreased by $1.35, or 1.64%, settling at $80.99. The heavy crude of Basra rose to $75.24 after losing $1.76, or 1.35%.

Oil prices rose on Thursday as hopes of a robust fuel demand recovery in top oil consumer China offset losses arising from strength in the greenback and a large build in U.S. crude inventory.

Brent crude futures rose 59 cents, or 0.7%, to $85.97 per barrel by 0725 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 73 cents, or 0.9%, to $79.32 a barrel.

The International Energy Agency (IEA) said oil demand would rise by 2 million barrels per day (bpd) in 2023, up 100,000 bpd from last month's forecast to a record 101.9 million bpd, with China making up 900,000 bpd of the increase.