Basra: Basra Heavy and Medium crude oil prices rose in conjunction with the rise in global oil prices. Basra Heavy crude prices increased by 37 cents, or 0.58%, reaching $64.17, while Basra Medium crude prices went up by 37 cents, or 0.57%, reaching $65.72.

According to National Iraqi News Agency, global oil prices saw an upward trend in early trading on Wednesday. This rise comes as markets started to alleviate concerns about a potential supply glut, following the OPEC+ alliance’s decision to implement a limited increase in production starting in November.

Brent crude futures experienced a rise of 40 cents, or 0.6%, hitting $65.85 per barrel by 00:45 GMT. Similarly, U.S. West Texas Intermediate (WTI) crude futures climbed by 44 cents, or 0.7%, reaching $62.17.