**Price Movements in Basra Oil**
On Thursday, the prices of heavy and medium Basra crude oil witnessed an uptick, reflecting an increase in trading activity within the Portfolio market. Specifically, the price of heavy Basra crude increased by 18 cents, representing a 0.27% gain, bringing it to $67.42. Meanwhile, the average price of medium Basra crude also saw a rise of 18 cents, or 0.26%, reaching a total of $70.47.
Globally, oil prices have been bolstered by a significant decline in U.S. gasoline stocks, which is heightening expectations for increased seasonal demand as the spring approaches. In the latest figures, Brent crude oil traded at $71.04, reflecting a modest increase of 9 cents, while American crude registered a slight gain of 2 cents, priced at $67.71.
| Oil Type | Price Change | Price ($) |
|---|---|---|
| Heavy Basra | + $0.18 (0.27%) | $67.42 |
| Medium Basra | + $0.18 (0.26%) | $70.47 |
| Brent Crude | + $0.09 | $71.04 |
| American Crude | + $0.02 | $67.71 |