Basra: Prices of Basra Heavy and Medium crude oil rose on Thursday, despite a decline in global oil prices. Basra Heavy crude prices climbed $1.11, or 1.79%, to reach $63.12, while Basra Medium crude prices also increased by $1.11, or 1.74%, to reach $64.97.

According to National Iraqi News Agency, oil prices continued their decline after data showed a rise in US crude inventories, raising concerns about a global supply glut. Despite this global trend, Basra’s crude oil prices have shown resilience, marking an increase contrary to the international market movement.

The rise in Basra’s crude oil prices can be attributed to various local factors that may not align with the global market dynamics, such as regional demand and supply conditions specific to Iraq’s oil sector. This anomaly highlights the complex nature of oil pricing, which can be influenced by both global and local factors.