Iraqi crude oil prices moved lower on Wednesday, following the broader decline in global oil markets. Despite the drop, Iraqi crude continued trading at higher levels than several Gulf oil grades.
Global Brent Crude fell to $110.79 per barrel, while West Texas Intermediate dropped to $103.83 per barrel.
In Iraq, Basra Heavy crude declined to $107.61 per barrel, while Basra Medium crude fell to $109.71 per barrel.
Even with the decline, Iraqi crude prices remained stronger than several Gulf blends. Basra Heavy traded above Dubai crude at $104.40 per barrel, the UAE’s Das crude at $105.63, and Qatar Land crude at $105.38.
Basra Medium crude also stayed near some of the region’s higher-priced grades. It traded above the UAE’s Upper Zakum crude, which stood at $106.88 per barrel, but remained below Saudi Arabia’s Arab Light crude, which reached $117.69 per barrel.
