Basra Heavy and Intermediate Crudes register a downward trend

Shafaq News / The prices of Basra Heavy and Intermediate crude oil declined on Tuesday, reflecting the fluctuation in global oil prices.

The price of Basra Heavy crude oil dropped by 88 cents to reach $70.87, while the price of Basra Intermediate crude oil also decreased by 88 cents to reach $73.42.

Furthermore, global oil prices showed variability following losses in the previous session, as markets weighed widespread economic concerns amid supply and demand issues related to weather conditions in the US.

According to Reuters, extremely cold weather in the US could curb oil production and also affect major refinery operations.

Moreover, in the Middle East, Yemen's Houthi movement expanded its targets in the Red Sea region to include US ships, an official from the Iran-allied group said on Monday, as it vowed to keep up attacks after US and British strikes on its sites in Yemen.

More oil tankers were steering clear of the southern Red Sea on Monday due to the disruptions, increasing the cost of shipping and the time it takes to move oil from one place to another, as reported by Reuters.