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Basra Crude Prices Drop Amid Global Oil Price Decline

Oil Prices Decline: Basra and Mediterranean Crude Face Decrease

The market observed a downturn today, Tuesday, in the prices of heavy Basra crude and Mediterranean crude, aligning with a global reduction in oil prices.

Price Changes

  • Basra Heavy Crude: Down by $0.65, a decline of 0.87%, settling at $74.33.
  • Mediterranean Crude: Also down by $0.65, a 0.83% decrease, bringing the price to $77.58.

Market Influences

The decrease in global oil prices can be attributed to former President Donald Trump delaying customs duties on imports from Mexico and Canada, the two largest oil suppliers to the United States, for an additional month.

Current pricing reflects the following:

Crude Type Price (USD) Change (USD) Percentage Change
Basra Heavy Crude $74.33 -$0.65 -0.87%
Mediterranean Crude $77.58 -$0.65 -0.83%
Brent Crude $75.54 -$0.42
Texas Crude $72.35 -$0.81

Market Overview

In parallel, Brent crude saw a price of $75.54 today, experiencing a decrease of $0.42. Meanwhile, American Texas crude traded at $72.35, down by $0.81.

The current trends in the oil market reflect the ongoing fluctuations in geopolitical and economic factors, which continue to shape price movements and market dynamics. As the situation develops, stakeholders will be monitoring these changes closely.

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