Decline in Basra Crude Prices
On Tuesday, Basra crude oil prices for both heavy and medium grades experienced a decline of over 1%. Specifically, the price of Basra heavy crude fell by 97 cents, or 1.34%, bringing it to $71.18 per barrel. Similarly, Mediterranean crude prices saw a drop of 97 cents as well, equivalent to a 1.29% decrease, resulting in a price of $74.23 per barrel.
Global Oil Price Trends
In the broader market, Brent crude experienced a reduction of 50 cents, translating to a decrease of 0.70%, closing at $71.12 per barrel. Meanwhile, U.S. West Texas Intermediate crude settled at $68.10 per barrel after declining by 27 cents, or 0.39%.
Factors Influencing the Market
The recent downturn in oil prices can be attributed to the OPEC+ agreement concerning the restoration of previously reduced oil output. Additionally, the decision to halt U.S. aid to Ukraine has contributed to the overall uncertainty in the market, impacting oil prices further.
Summary Table: Current Oil Prices
| Type of Crude Oil | Price per Barrel | Change (in USD) | Percentage Change |
|---|---|---|---|
| Basra Heavy | $71.18 | -$0.97 | -1.34% |
| Mediterranean Crude | $74.23 | -$0.97 | -1.29% |
| Brent Crude | $71.12 | -$0.50 | -0.70% |
| West Texas Intermediate | $68.10 | -$0.27 | -0.39% |
This report underscores the dynamics of the oil market, reflecting both regional and global factors that influence pricing.
