Basra Crude Prices Rise Amid Global Oil Market Decline

On Thursday, Basra crude prices for both heavy and medium grades saw an increase, despite a slight downturn in global oil prices.

Specifically, Basra heavy crude prices advanced by 65 cents, reflecting a 0.87% increase to reach $75.74 per barrel. Medium crude prices mirrored this rise, also gaining 65 cents, or 0.83%, to settle at $78.79 per barrel.

In broader market activity, Brent crude increased by 22 cents, or 0.29%, trading at $75.82 per barrel. U.S. West Texas Intermediate (WTI) crude saw a rise of 30 cents, marking a 0.42% increase to $71.95 per barrel.

The slight reduction in overall oil prices can be attributed to an industry report indicating a surge in U.S. crude stock levels, which has impacted market sentiment amidst ongoing discussions surrounding customs tariffs.