Basra crude oil prices continued to decline on Thursday for the third consecutive day, even as global oil prices moved higher and Brent crude rose above $102 per barrel.
Basra Heavy crude settled at $65.95 per barrel, falling by $1.39, or 2.06%. Basra Medium crude also dropped by $1.39, reaching $69.25 per barrel, a decline of 1.97%.
Meanwhile, global oil markets continued their upward trend. Brent crude climbed to $102.31 per barrel, gaining $2.11, or 2.11%, while West Texas Intermediate (WTI) rose to $89.83 per barrel, up $1.55, or 1.76%.
The latest data shows a growing gap between Iraqi crude prices and international benchmark oil prices. While global contracts have been moving higher, Basra crude has continued to lose value for the third straight day.
This unusual trend highlights the ongoing pressure on Iraqi crude prices despite the broader strength seen across global oil markets.
