Basrah Crude Prices Defy Global Market Decline
Basrah crude oil prices saw a significant surge in the final trading session of the week, defying global market trends. The Basrah Heavy and Medium crudes posted gains of $13.45 and $13.43 per barrel respectively, representing weekly increases of 16.27% and 15.62%. This rise comes despite losses in global oil prices.
The prices for Basrah Heavy and Medium crude rose to $96.11 and $99.41 a barrel respectively. The increase was largely driven by the final trading session where these crudes gained $5.90 per barrel, or 6.54% for Basrah Heavy and 6.37% for Basrah Medium.
Global oil prices, however, saw a decline in the same period. West Texas Intermediate (WTI) fell by $2.19 to $99.89 per barrel, while Brent crude dropped by $2.70 to $104.93. The UAE's Murban crude also declined by $2.48 to $120 per barrel.