Basrah Crudes Plummet Amid Global Oil Market Slump

The prices of Iraq's Basrah Heavy and Medium crude oil dropped significantly on Thursday due to declining global oil benchmarks. The Basrah Heavy price fell by $8, or 7.80%, to $94.57 per barrel, while the Basrah Medium price decreased by the same amount, or 7.56%, to $97.87. In contrast to other oil markets, Brent crude slipped to $105.52 per barrel, down 31 cents, or 0.29%, and US West Texas Intermediate (WTI) fell 35 cents, or 0.34%, to $102.08. However, the OPEC Reference Basket rose by $1.52, or 1.23%, to $124.63 per barrel.