Basra: Basra Heavy and Medium crude oil prices declined on Thursday, despite the rise in global oil prices. Basra Heavy crude prices fell 85 cents, or 1.38%, to $60.84, while Basra Medium crude prices declined $1.25, or 1.98%, to $61.99.

According to National Iraqi News Agency, global oil prices rose after US President Donald Trump announced that Indian Prime Minister Narendra Modi pledged that his country would stop buying oil from Russia, which supplies about a third of its crude imports. Brent crude futures rose 0.9% to $62.48 per barrel, while US West Texas Intermediate crude rose by approximately the same amount to $58.81 per barrel.