Basra Crude Gains Nearly 6% as OPEC Basket Rises

BASRA, Iraq — Basra Heavy crude rose nearly 6% in Basra trading, while Basra Medium also posted a sharp daily increase. Basra Heavy was priced at $85.15 per barrel, up $4.81, or 5.99%. Basra Medium gained the same dollar amount to reach $88.45 per barrel, an increase of 5.75%. The OPEC basket rose 3.63% to $95.32 per barrel. Oman crude traded on the Dubai Mercantile Exchange reached $99.18, up 5.16%. Brent and West Texas Intermediate futures recorded limited movement in comparison, slipping 0.30% to $95.34 per barrel and 0.11% to $90.91, respectively. Among other producer-country grades, Saudi Arabia’s Arab Light rose 6.70% to $91.78 per barrel, while Kuwait’s export blend advanced 7.21% to $96.11.