Prices of Basra crudes to Asian markets shrug $1.39

Shafaq News/ The price of Basra crudes to Asian customers shrugged $1.39 on Tuesday, pressured by the downtrend of global benchmarks.

Basra's intermediate crude price to Asian markets slid by $1.39, or %1.68, settling at $82.42. The heavy crude of Basra dropped to $75.87 after losing $1.39, or 1.8%.

Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.

March Brent crude futures fell by $1.01, or 1.19%, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday, and the more heavily traded April contract fell by 90 cents, or 1.07%, to $83.60.

Likewise, U.S. West Texas Intermediate (WTI) crude futures dropped 92 cents, or 1.18%, to $76.98 a barrel.