Basra crude oil prices drop more than 3% in a day

BASRA, Iraq — Basra Heavy and Medium crude oil prices fell by more than 3% on Wednesday, with Basra Heavy declining $2.05 a barrel to $51.45 and the medium grade dropping by the same amount to $53.55. At those levels, Basra crude ranked among the cheapest Gulf-origin grades, well below the regional benchmark prices posted the same day. Saudi light crude was trading at $85.28 a barrel, Kuwait Export crude at $94.84, the United Arab Emirates' Murban at $71.81 and Qatar Marine at $75.81. The figures left Basra Heavy close to the $40 mark, while most other Arab crudes held above $70. In international markets, Brent crude slipped to $78.71 a barrel and the U.S. West Texas Intermediate average fell to $75.71. No official explanation for the decline in Basra crude was provided in the data.