The prices of Basra’s heavy and medium crude oils increased on Thursday, despite the global oil price decline.
Basra Heavy and Medium crude prices rose $1.59 to $88.75 and $91.90, respectively.
Global oil prices have decreased because the Organization of the Petroleum Exporting Countries (OPEC) did not show support for Iran’s request to impose an oil embargo on Israel. Additionally, the United States has plans to ease sanctions on Venezuela, which would allow more of its oil to flow globally.
Today, on Thursday, the oil prices dropped in trading after the announcement made by Washington regarding the relaxation of sanctions on Venezuela, with a special focus on the oil sector. The trading day ended as such.