Tag Archives: SHAFAQ News

Basrah Crudes Drop despite Global Oil Stabilization

On Wednesday, Basrah crude oil dropped amid a stabilization in global oil prices. Basrah Heavy crude edged lower by $1.56 to $79.52, while Basrah Medium rose by $1.56 to $82.42. Oil prices held steady on Wednesday, with the global benchmark Brent hovering near a one-month low reached in the previous …

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Iraq’s Oil Production Drops nearly 4% in 2024

Iraq’s oil production has decreased by approximately 4% in 2024, according to statistics published by the Energy Institute (EI). The EI report, obtained by Shafaq News Agency, indicates that the total global production of crude oil and condensates reached 82.636 million barrels per day, marking a 1.4% growth compared to …

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Oil Eases as Strong Dollar Weighs on Commodities Markets

Oil prices inched down on Monday as concerns of higher-for-longer interest rates resurfaced and lifted the dollar, offsetting support for oil markets from geopolitical tensions and OPEC+ supply cuts. Brent crude futures slipped 5 cents to $85.19 a barrel by 04:17 GMT, after settling down 0.6% on Friday. US West …

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Oil Prices Surge as Risk Appetite Improves, Covering Gains

Oil prices rallied on Monday, extending their biggest weekly gain since early April, supported by improving risk sentiment in broader markets and ongoing short-covering. According to Bloomberg, West Texas Intermediate (WTI) crude futures settled above $80 a barrel for the first time in a month, accelerating gains after prices breached …

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