Basrah crudes drops despite global oil rebound
On Wednesday, prices of Basrah crude grades declined despite a rebound in global oil markets.
Basrah Heavy crude dropped by 58 cents, or approximately 0.86%, to settle at $66.89 per barrel. Basrah Medium also fell by 58 cents, or 0.82%, to $69.94 per barrel.
This comes as international oil prices recovered after three consecutive sessions of losses. The rebound followed signs of progress in trade talks between the United States and Japan, and a poll indicating a decline in US crude inventories last week, suggesting stronger demand.
Brent crude rose to $68.92 per barrel, while US West Texas Intermediate (WTI) crude reached $65.64.
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