On Thursday, the prices for Basra Heavy and Medium crude dropped, yet they still held above $80.
The prices of Basra Heavy crude dropped by 6 cents or 0.07% to $81.23, while the prices of Basra Medium crude declined by 6 cents or 0.07% to $84.28.
Global economic conditions play a significant role in determining oil prices. The price of Iraqi crude is determined by the prices of Dubai and Oman when sold to Asia, while Brent prices dictate the price when sold to Europe. When sold to America, the price is calculated using US crude prices.