Basra crudes rise amid global oil surge

Basra crudes rise amid global oil surge

Shafaq News / On Thursday, the prices of Basra Heavy and Basra Intermediate crude oil rose, following the global oil price increase.

The price of Basra Heavy crude rose by 99 cents to reach $84.42, while the price of Basra Intermediate crude increased by 99 cents to reach $87.82.

Globally, oil prices rose on Thursday on concerns of lower supply as major producers are keeping output cuts in place and on signs of stronger economic growth in the US, the world's biggest oil consumer, according to Reuters.

Brent futures for June rose 31 cents, or 0.4%, to $89.66 a barrel. US West Texas Intermediate (WTI) futures for May rose 30 cents, or 0.4%, to $85.73 a barrel.

A meeting of top ministers from the Organization of Petroleum Exporting Countries and its allies (OPEC+) including Russia, kept oil supply policy unchanged on Wednesday and pressed some countries to boost compliance with output cuts.

The group said some members would compensate for oversupply in the first quarter. It also said Russia would switch to output rather than export curbs.

Oil's recent gains have followed Ukrainian attacks on Russian refineries that cut fuel supply and concerns that the Israel-Hamas war in Gaza may spread to include Iran, possibly disrupting supplies in the key Middle East region.

Iran, the third-largest producer in OPEC, has vowed revenge against Israel for an attack on Monday that killed high-ranking Iranian military personnel, as cited by reuters.

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