Iraq’s Basrah Heavy and Basrah Medium crude prices rose on Thursday, even as global benchmarks Brent and West Texas Intermediate (WTI) declined.
Basrah Heavy gained $2.56, or 3.58%, to $73.98 a barrel, while Basrah Medium rose by the same amount, or 3.39%, to $77.98.
Brent crude futures fell $1.22, or 1.1%, to $114.10 a barrel, and WTI dropped $1.33, or 1.3%, to $101.45, as hopes for renewed peace talks eased fears of supply disruptions in the Middle East.
The OPEC basket also declined, losing $2.04, or 1.74%, to $115.21 a barrel.
