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The decline in global oil prices upon settlement..Basra crude records a jump
March 23, 2022
The decline in global oil prices upon settlement..Basra crude records a jump
March 23, 2022
Ultra Iraq - Editorial Team
Oil prices recorded a decline at the close of trading on Tuesday, March 22, 2022, with the exclusion of the European Union countries' agreement to join the United States in a Russian oil embargo in response to its invasion of Ukraine.
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Iraqi oil prices recorded a rise of about 6%, or the equivalent of nearly $6
EU foreign ministers are divided over the ban, with some countries, including Germany, saying the bloc relies too heavily on Russian fossil fuels to withstand such a move.
Thus, the price of Brent crude fell 14 cents, or 0.2 percent, to settle at 115.48 dollars a barrel, while it is now trading at less than that.
Conversely, US West Texas Intermediate crude closed 36 cents, or 0.3%, down at $111.76.
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And both contracts had [You must be registered and logged in to see this link.] the previous session's trading, up by more than 7%, after news of a possible European ban.
Iraqi oil prices also recorded a rise of about 6%, or the equivalent of nearly $6.
The price of Basra Heavy crude, according to the latest update seen by "Ultra Iraq," reached about $109 per barrel.
And oil prices were boosted by supply threats as Yemen's Houthi movement attacked Saudi energy and water desalination facilities over the weekend.
Saudi Arabia said two days ago that it would not be held responsible for any shortage of global supplies after the Houthi attacks.
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