Crude Oil Prices Stabilize in Global Markets
The oil market witnessed a stabilization in the prices of Basra and Mediterranean crude on Tuesday. Basra’s heavy crude is currently priced at $68.22, while Mediterranean crude remains steady at $71.27.
Positive economic indicators from the world’s largest oil-consuming nations have bolstered oil prices. Brent crude has recorded an increase, now trading at $71.22, up by 18 cents. Similarly, West Texas Intermediate (WTI) crude has risen to $67.73, gaining 19 cents.
| Crude Type | Price (USD) | Change (USD) |
|---|---|---|
| Basra Heavy Crude | $68.22 | – |
| Mediterranean Crude | $71.27 | – |
| Brent Crude | $71.22 | +$0.18 |
| American Crude (WTI) | $67.73 | +$0.19 |
The current market movements reflect a cautiously optimistic sentiment among investors, driven by improving economic data, which is crucial for future oil demand.