Basra: Basra Heavy and Medium crude oil prices rose in global markets despite stable global oil prices. The price of Basra Heavy crude rose 12 cents, or 0.20%, to reach $59.71, while the price of Basra Medium crude also rose 12 cents, or 0.20%, to reach $61.46.

According to National Iraqi News Agency, oil prices recovered slightly on Wednesday after falling in the previous session to their lowest levels in a month amid signs that Ukraine is close to reaching a peace agreement with Russia, a development that would likely lead to the end of international sanctions imposed on Russian supplies. Brent crude futures rose 19 cents, or 0.3%, to $62.67 a barrel by 01:14 GMT, while U.S. West Texas Intermediate crude futures climbed 14 cents (0.24%) to $58.09.