Basra Heavy and Basra Medium crude oil prices fell sharply in global markets on Wednesday, even as international oil prices climbed and Brent crude rose above $115 per barrel.
According to reports, Basra Heavy crude dropped by $1.78, or 2.43%, to $71.42 per barrel. Basra Medium crude also fell by $1.78, or 2.31%, reaching $75.42 per barrel.
The decline came as global oil prices moved higher. Brent crude rose to $115.47 per barrel, gaining 1.40%, while US West Texas Intermediate (WTI) crude increased by 1.44% to $101.34 per barrel.
The OPEC basket price also recorded an increase, rising by $2.16, or 1.88%, to reach $117.25 per barrel.