The prices of heavy Basra crude and Mediterranean crude experienced a decline today, Wednesday, of over 1%, despite a general uptrend in global oil market prices.
Specifically, the price of Basra heavy crude decreased by 74 cents, representing a 1.9% drop, bringing it to $67.24 per barrel. Similarly, the price of medium crude also fell by 74 cents, or 1.04%, settling at $70.29 per barrel.
This decrease occurred in the context of higher oil prices globally, as Brent crude rose by 44 cents to reach $70 per barrel, while U.S. crude saw an increase of 47 cents, bringing it to $66.72 per barrel. Notably, these fluctuations come despite an increase in U.S. oil stock levels, indicating a complex interplay between supply and demand in the market.
