Prices of Basra crudes gain 2% on Thursday


Shafaq News/ The price of Basra crudes to Asian customers rose by 2% on Thuraday, pressured by the downtrend of global benchmarks.

Basra's intermediate crude price to Asian markets increased by $1.6, or 2.06%, settling at $79.34. The heavy crude of Basra rose to $73.79 after gaining $1.6, or 2.2%.

Oil prices struggled for traction on Thursday, as optimism over recovering Chinese demand was offset by concerns of weakening activity in the United States, after inventories hit their highest in months.

Brent crude futures gained 5 cents to $85.13 a barrel by 0705 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 2 cents to $78.45 a barrel. Both benchmarks have gained more than 6% so far this week.

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