Basra: Basra Heavy and Medium crude oil prices fell by more than 1% this Wednesday morning, despite rising oil prices in global markets. Basra Heavy crude prices fell $1.06, or 1.55%, to $67.49, while Medium crude prices fell $1.11, or 1.55%, to $70.54.

According to National Iraqi News Agency, global oil prices rose on Wednesday, supported by expectations of sustained demand in the United States and China, the world’s largest oil users, amid improved economic prospects. Brent crude futures rose 29 cents, or 0.42%, to $69 per barrel by 01:05 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 40 cents, or 0.6%, to $66.92.

The divergent trends in Basra and global oil prices come at a time when economic factors are influencing market dynamics. The increase in global oil prices is attributed to optimistic forecasts for economic growth in major economies, particularly in the United States and China, where demand for energy resources remains robust. However, the decline in Basra crude prices suggests regional market conditions or other influencing factors that may not align with the global trend.