Basra: Basra Heavy and Medium crude prices rose more than 1% on Wednesday, despite the global decline. Basra Heavy crude prices rose 80 cents, or 1.27%, to $63.73, while Medium crude prices rose 75 cents, or 1.24%, to $66.53.
According to National Iraqi News Agency, oil prices fell in early trading on Wednesday as markets assessed the results of the US-China trade talks, which President Donald Trump has yet to review. This comes amid weak oil demand from China and increased OPEC+ production, which is pressuring the market.
Brent crude futures fell 24 cents, or 0.36 percent, to trade at $66.63 a barrel, while U.S. West Texas Intermediate crude.