Basra crude records limited decline despite global markets rise
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With the rise in global oil prices today, Thursday, driven by the increase in futures contracts for the two global benchmark crudes, Iraq's two crudes recorded a slight decline while remaining at levels higher than a number of Gulf crudes.
US West Texas Intermediate crude rose to 99.27 dollars per barrel, an increase of 1.01 dollars or 1.03%, while Brent crude rose to 105.96 dollars per barrel, an increase of 0.94 dollars or 0.90%.
In Iraq, Basra Heavy crude fell to 106.85 dollars per barrel, a decrease of 0.76 dollars or 0.71%, and Basra Medium crude also decreased to 108.95 dollars per barrel, a decline of 0.69%.
Despite the decline, Iraqi crude prices remained higher than several Gulf crudes, as Dubai crude recorded 105.34 dollars, Oman crude 106.36 dollars, Qatari Land crude 105.60 dollars, and UAE Das crude 105.85 dollars per barrel.
