Basrah crudes rise with a global surge
Shafaq News/ On Tuesday, Basrah crude oil prices edged up with a global increase in oil prices.
Basrah Heavy crude rose by 5 cents to $60.42 per barrel, and Basrah Medium crude by 5 cents, reaching $63.37 per barrel.
Brent crude futures climbed by 21 cents, or 0.32%, reaching $64.84 a barrel by 0437 GMT. US West Texas Intermediate crude gained 27 cents, or 0.43%, to $62.79 a barrel, following a rise of about 1% earlier in the session.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
2 hours ago
- Shafaq News
Iraq tops Arab countries in Turkish imports in 2024
Shafaq News/ Iraq emerged as the top Arab importer of Turkish goods in 2024, according to official data released by the Turkish Statistical Institute (TURKSTAT). Iraqi imports from Turkiye reached $13.002B last year, covering a broad range of products, including gemstones, machinery, electrical devices, plastics, wood, vegetables, fruits, and grains. The UAE secured second place with imports worth $8.205B, while Egypt came third at $4.175B. Saudi Arabia and Morocco rounded out the list, with imports totaling $3.985B and $3.44B, respectively.
Shafaq News
2 hours ago
- Shafaq News
Oil slips on US stockpile build, Saudi Arabia price cuts
Shafaq News/ Oil prices slipped in early trade on Thursday after a build in U.S. gasoline and diesel inventories and Saudi Arabia's cut to its July prices for Asian crude buyers. Brent crude futures fell 21 cents, or 0.3%, to $64.65 a barrel at 0047 GMT. U.S. West Texas Intermediate crude lost 29 cents, or 0.5%, dropping to $62.58. Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's top economy. Adding to the weakness, Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in four years. The price cut by Saudi Arabia, key oil producer within OPEC+ - the oil producing group that includes members of the Organization of the Petroleum Exporting Countries and allies such as Russia - follows the OPEC+ move over the weekend to increase output by 411,000 barrels per day for July. The strategy of OPEC+ group leaders Saudi Arabia and Russia is partly to punish over-producers and to wrestle back market share, Reuters has reported. Meanwhile, Canada prepared possible reprisals and the European Union reported progress in trade talks as new U.S. metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington. "Uncertainty fuelled by President Trump's shifting stance on tariffs has intensified fears of a global economic slowdown," analyst Ole Hansen at Saxo Bank said in a note.
Shafaq News
15 hours ago
- Shafaq News
Iraq clinches major China oil deal as exports to Asia hold steady
Shafaq News/ Iraq secured the world's second-largest energy deal in May through an agreement with China, while crude exports to top Asian buyers remained broadly stable, official and industry data showed on Wednesday. The South Basra Integrated Project will raise output at the Tuba oil field from 20,000 to 100,000 barrels per day (bpd) and includes a 200,000-bpd refinery, a 620,000-ton petrochemical plant, a 520,000-ton fertilizer facility, and two power stations with a combined capacity of 1,050 megawatts. The deal follows recent high-profile investments, including a BP-led initiative to develop four oil fields in Kirkuk. In February, Iraq and Saudi Arabia led global crude deals, ranging from export contracts to asset acquisitions. Analysts view the streak of agreements as a bid to monetize energy assets and diversify Iraq's economy. Despite volatility in global markets, Iraq's crude shipments to Asia have also remained steady. Customs data showed China imported 1.11 million bpd in May, up 22,000 bpd from the same period last year. India followed with 931,000 bpd, down slightly from 959,000 bpd year-on-year.
