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On Monday, Basrah crude oil prices fell in line with a global decrease in oil prices.
Basrah Heavy crude saw a decrease of $0.146, settling at $75.42 per barrel. Similarly, Basrah Medium crude fell by $0.16, reaching $78.39 per barrel.
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The decline in global oil prices is attributed to concerns over weak demand from China, the world’s largest oil importer. Additionally, investors are closely watching the progress of ceasefire negotiations in the Middle East, which could potentially ease supply risks.
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In the global market, Brent crude futures fell by 13 cents, or 0.2%, to $79.55 per barrel as of 0032 GMT. U.S. West Texas Intermediate (WTI) crude futures also dropped by 13 cents, or 0.2%, to $76.52 per barrel.
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