Market Update: Decline in Basra Crude Prices
The prices of heavy and medium Basra crude experienced a notable decline on Wednesday, dropping by over 2% despite an overall increase in global oil prices.
Specifically, the price of Basra heavy crude fell by $1.76, representing a decline of 2.31%, bringing the price to $73.45 per barrel. Similarly, medium crude prices decreased by $1.76, or 2.22%, resulting in a new price of $77.50 per barrel.
This drop in Basra crude prices comes alongside a slight uptick in overall oil prices, which were buoyed by an industry report revealing a reduction in U.S. crude stocks. However, this was contrasted by prevailing concerns surrounding customs that affected market sentiment.
In the broader market, Brent crude prices increased by 14 cents, or 0.19%, to $73.16 per barrel, while West Texas Intermediate (WTI) crude saw an uptick of 12 cents, or 0.17%, reaching a price of $69.06 per barrel.
| Crude Type | Price Change | Percentage Change | Current Price (per barrel) |
|---|---|---|---|
| Basra Heavy | -$1.76 | -2.31% | $73.45 |
| Basra Medium | -$1.76 | -2.22% | $77.50 |
| Brent Crude | +$0.14 | +0.19% | $73.16 |
| West Texas Intermediate | +$0.12 | +0.17% | $69.06 |
These recent fluctuations underscore the volatility in the oil markets and the complex interplay of supply, demand, and external factors influencing pricing trends.