Oil Price Update: Basra and Mediterranean Crude Experience Gains Amid Global Increase
On Tuesday, the prices for heavy Basra crude and Mediterranean crude oil witnessed an uptick, aligning with a general rise in global oil prices.
The price of Basra heavy crude rose by 46 cents, reflecting an increase of 0.60%, reaching $75.42 per barrel. Similarly, Mediterranean crude saw a boost of 45 cents, or 0.58%, bringing it to $78.57 per barrel.
This upward trend in global oil prices is significantly influenced by Saudi Aramco’s elevated oil pricing for Asia, driven by increased demand from key markets such as China and India.
Additionally, benchmark crude prices reported are as follows: Brent crude recorded an increase of 19 cents, settling at $76.06 per barrel, while American Texas crude rose by 15 cents, landing at $72.47 per barrel.
| Type of Crude | Price (USD) | Change (USD) | Percentage Change |
|---|---|---|---|
| Basra Heavy Crude | $75.42 | +$0.46 | +0.60% |
| Mediterranean Crude | $78.57 | +$0.45 | +0.58% |
| Brent Crude | $76.06 | +$0.19 | +0.25% |
| American Texas Crude | $72.47 | +$0.15 | +0.21% |
This market outlook underscores the ongoing dynamics in the oil industry, influenced by both regional demand fluctuations and pricing strategies from major producers.
