Basra: Basra Heavy and Medium crude oil prices fell by more than 3% on Thursday, despite a slight increase in global oil prices. According to National Iraqi News Agency, Basra Heavy crude prices fell by $2.19, or 3.82%, to reach $55.08, while Basra Medium crude prices also declined by $2.19, or 3.66%, to reach $57.63. Oil prices recovered after two days of declines, supported by a larger-than-expected drop in US crude oil inventories, which boosted investor demand for futures contracts, while markets closely monitor developments related to Venezuela.