Basra: Prices of Basra Heavy and Basra Medium crude oil fell on Thursday, mirroring the decline in global oil prices. Basra Heavy crude dropped 32 cents, or 0.54%, to $59.39, while Basra Medium crude also fell 32 cents, or 0.52%, to $61.14.

According to National Iraqi News Agency, this comes amid a global drop in oil prices due to expectations of a ceasefire between Russia and Ukraine, which could pave the way for the lifting of Western sanctions on Russian oil supplies. Brent crude settled at $62.75, while US crude settled at $58.38.