Basra Crude Prices Experience Significant Decline
The recent trading week has seen a notable decline in the prices of Basra’s heavy and medium crude oil. This downturn reflects broader trends observed in the global oil market.
As of the latest data, Basra medium crude is priced at $74.61 per barrel, while the average price has dropped to $71.56 per barrel. This capstone shift aligns with the broader declines seen in the global crude oil market; Brent crude is currently priced at $72.75 per barrel, and West Texas Intermediate, primarily sourced from the U.S. Midwest, stands at $68.75 per barrel.
This trend highlights the fluctuations in crude prices and their implications for both local and international markets.
| Crude Type | Price (per barrel) |
|---|---|
| Basra Medium Crude | $74.61 |
| Average Price | $71.56 |
| Brent Crude | $72.75 |
| West Texas Intermediate | $68.75 |
The movement in these prices not only affects oil-exporting nations like Iraq, but it also has broader implications for global energy markets and the related economic environments.