Basrah crudes plunge despite global futures rally

Shafaq News-Basrah

Iraq's Basrahcrude led losses among OPEC grades on Wednesday, plunging more than 25%, evenas major global benchmarks moved higher.

Basrah Heavycrude dropped to $45.37 per barrel, losing $15.39, or 25.33%, while BasrahMedium crude fell to $47.47 per barrel, down $10.39, or 17.96%.

Brent crudefutures gained $1.92, or 2.6%, to $76.08 a barrel at 0400 GMT, while US WestTexas Intermediate crude climbed $1.82, or 2.6%, to $72.26 a barrel.

UAE's Murbancrude advanced 3.39% to $71.31 per barrel, while Saudi Arabia's Arab Lightcrude tumbled 13.70% to $65.31, and Kuwait Export Blend dropped 13.13% to$69.01. OPEC's basket data showed a wider divergence between futures contractsand physical crude grades tied to pricing differentials across crude types.