Basra: Iraqi oil prices recorded a slight increase today, Wednesday, during daily trading in the global market, despite the global decline in oil prices.

According to National Iraqi News Agency, Basra Heavy crude rose to $63.22, an increase of 0.77%, while Basra Medium crude rose to $65.47, an increase of 0.74%.

Oil prices had fallen earlier today, Wednesday, as progress was made in talks between the United States and Iran, raising hopes for a de-escalation of tensions between the two countries and reducing the risk of supply disruptions from Tehran. Brent crude futures fell 3 cents, or 0.04%, to $67.39 a barrel by 01:39 GMT, while U.S. West Texas Intermediate crude futures lost 5 cents, or 0.08%, to $62.28. Both benchmarks are trading near their lowest levels in two weeks.