Shafaq News/ On Monday, Basrah Heavy and Medium crude prices witnessed a slight increase, coinciding with the rise in global oil prices.

The price of Basrah Heavy crude increased by 8 cents to $79.54 per barrel. Basrah Medium crude prices also increased by 8 cents, reaching $82.41 per barrel.

Oil prices are rising as investors await signals on a possible interest rate cut cycle starting in September.

Brent futures rose $1.35, or 1.6%, to $85.08 a barrel.

US West Texas Intermediate (WTI) crude rose $2.09, or 2.6%, to settle at $82.85.