Basrah Crude Prices Surge Amid Global Oil Price Decline

Basrah Heavy and Basrah Medium crude oil prices have seen significant gains in the past week, despite losses on global markets. In the final trading session, Basrah Heavy rose by $5.90 a barrel, or 6.54%, to settle at $96.11, while Basrah Medium also increased by $5.90, or 6.37%, to close at $99.41.

These gains come despite losses on global markets, with West Texas Intermediate (WTI) falling by $2.19, or 2.14%, to $99.89 a barrel, and Brent crude declining by $2.70, or 2.51%, to $104.93.

The UAE's Murban crude also dropped by $2.48, or 2.02%, to $120 a barrel in the same session. The weekly gains for Basrah Heavy and Medium crude are notable, with increases of 16.27% and 15.62%, respectively.