Aerospace & DefenseCommodities

Basra Crude Prices Dip for Second Day Amidst Global Oil Stability

2025-01-29T05:41:59+00:00

On January 29, 2025, oil prices exhibited a slight decline despite relative stability in global market prices. Specifically, the price of Basra heavy crude oil dropped by 32 cents, equivalent to 0.42%, reaching $75.60 per barrel. Similarly, the price of Basra medium crude also decreased by 32 cents, marking a 0.40% decline to $78.85 per barrel.

The recent changes in oil prices coincide with uncertainties surrounding upcoming customs duties proposed by the U.S. Additionally, lower-than-expected economic data from China has contributed to market hesitance, alongside forecasts of increased temperatures affecting demand dynamics.

In today’s trading session, Brent crude priced at $77.40, while the American West Texas Intermediate (WTI) crude traded at $73.73.

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