Basra Crude Oil Prices Drop Nearly 7% as Global Markets Decline

BAGHDAD, Iraq — Basra crude oil prices fell sharply on Thursday, with Basra heavy and medium grades losing more than 6 percent as global oil markets declined. Basra heavy crude settled at $64.40 per barrel and Basra medium crude at $66.50 per barrel, with losses approaching 7 percent, according to market data. The broader market decline was more muted, as Brent crude fell just 0.87 percent. Other Gulf benchmarks also declined. Dubai crude slipped more than 5 percent to $90.46 per barrel and Oman crude fell 3.21 percent to $90.40. Saudi Arabia's light crude dropped 4.75 percent to $100.03 and Kuwait's export crude fell 5.55 percent to $103.82. The OPEC basket price decreased 0.94 percent to $100.63. Markets are monitoring global supply developments, demand levels in major economies and OPEC+ production policies, market observers said.