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Basra's crude surge amid tight supply

Category: Economy

Date: 2022-08-04T12:02:11+0000
Basra's crude surge amid tight supply

Shafaq News/ Oil prices were broadly steady on Thursday as the market weighed tight supply against demand fears, after a build in U.S. crude and gasoline stocks sent prices to multi-month lows in the previous session.

Brent crude futures inched up 36 cents, or 0.37% to $97.14 a barrel by 0925 GMT, while West Texas Intermediate (WTI) crude futures were up 43 cents, a 0.47% gain, at $91.09.

Basra's heavy and intermediate crude sold to Asian market gained 1.09$ to $97.98 and $94.63, respectively.

Both benchmarks fell to on Wednesday to their weakest levels since before Russia's Feb. 24 invasion of UKraine, that Moscow calls "a special operation".

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