Basra: Basra’s heavy and medium crude oil prices recorded a decrease, despite the global rise in oil prices. The price of Basra Heavy crude fell by 95 cents, or 1.45%, to $64.73, and the price of Basra Medium crude fell by 95 cents, or 1.41%, to $66.58.

According to National Iraqi News Agency, global oil prices rose this morning, Wednesday, after three consecutive days of declines. Market sources indicated a decrease in US crude inventories. Investor concerns about sanctions imposed on Russia and a potential increase in OPEC+ production limited the gains.

Brent crude futures rose 20 cents, or 0.31%, to $64.60 a barrel at 02:03 GMT, and US West Texas Intermediate crude futures increased by 18 cents, or 0.3%, to $60.33.