Baghdad: Basra Heavy and Medium crude oil prices fell this morning, Wednesday, despite the global rise in oil prices. The price of Basra Heavy crude fell by 82 cents, or 2.34%, to $60.16 per barrel, while the price of Basra Medium crude also declined by 82 cents, or 1.29%, to $62.61 per barrel.

According to National Iraqi News Agency, oil prices rose today amid continued supply concerns due to a winter storm that disrupted crude production and exports in the United States. Tensions in the Middle East provided additional support for oil prices on the global stage.

Brent crude futures rose 28 cents, or 0.4%, to $67.85 a barrel by 04:10 GMT, while U.S. West Texas Intermediate crude futures climbed 35 cents, or 0.6%, to $62.74 a barrel.