Basra: Basra crude prices (heavy and medium) fell on Wednesday, coinciding with a decline in global oil prices. The price of Basra Heavy crude fell by 48 cents, or 0.79%, to $60.29, while the price of Basra Medium crude fell by 48 cents, or 0.77%, to $62.40.

According to National Iraqi News Agency, global oil prices fell for the second consecutive day on Wednesday, as investors awaited news on whether peace talks between Russia and Ukraine would lead to an increase in supply, amid broader concerns about a supply glut and rising inventories. Brent crude futures fell 13 cents, or 0.21%, to $62.32 a barrel by 02:21 GMT, after dropping 1.1% in the previous session.