Baghdad, Iraq- Basrah crude oil prices dropped by more than 2% on Wednesday, following a broader decline in global oil markets.
Basrah Heavy crude fell by $1.95, or 2.62%, to settle at $72.38 per barrel, while Basrah Medium crude declined by the same amount, down 2.51% to $75.63 per barrel.
The global oil market saw a dip in prices as traders shifted their focus to broader market fundamentals, downplaying the impact of China’s recent tariff measures.
By 04:27 GMT, Brent crude futures were down by $0.39, or 0.51%, trading at $75.81 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude fell by $0.26, or 0.36%, to reach $72.44 per barrel.
The decline in oil prices reflects ongoing volatility in the global energy market, influenced by economic conditions and shifting investor sentiment.
