Basra: Prices of Basra Heavy and Basra Medium crude oil rose despite the decline in global oil prices. Basra Heavy crude prices increased by $1.17, or 2.02%, to reach $59.07, while Basra Medium crude prices also rose by $1.17, or 1.94%, to reach $61.62.

According to National Iraqi News Agency, a four-day rally in oil prices came to an end on Wednesday after Venezuela resumed its exports, but concerns about supply disruptions from Iran due to the ongoing unrest in the country remain. Brent crude futures fell 9 cents, or 0.14%, to $65.38 a barrel by 2:07 AM GMT.

U.S. West Texas Intermediate crude futures fell 12 cents, or 0.20%, to $61.03 a barrel.