Basrah crude reclaims $57 mark in gradual recovery

Shafaq News- Basrah

Basrah Medium crude has recovered about 24% from its July low to $57.09 a barrel, but the Iraqi benchmark remains nearly 58% below its peak earlier this year, according to price data reviewed by Shafaq News on Monday.

The crude rose 3.93%, extending a gradual recovery that began after prices fell to about $46 a barrel in mid-July.

Basrah Medium reached about $135 a barrel in early April, its highest level during the period, before a sharp decline set in over the following months.

The fall from the April peak to the July low amounted to about $89 a barrel, or roughly 66%. Since hitting the July low, the crude has gained about $11 a barrel, or 24%, bringing it back above the $57 mark on August 10.