Basrah crudes rose, mirroring global oil trends

Shafaq News/ On Thursday, Basrah crude oil prices edged higher, mirroring the global oil prices.

Basrah Heavy crude decreased by 19 cents to $68.46 per barrel, and Basrah Medium crude by 19 cents, reaching $71.61 per barrel.

Brent crude futures for January delivery rose 15 cents, or 0.2%, to $73.45 a barrel by 0430 GMT, while US West Texas Intermediate crude futures for December delivery were at $69.31 a barrel, up 15 cents, or 0.2%.

Globally, oil prices rose marginally as geopolitical concerns over escalating tensions between Russia and Ukraine countered the impact of a bigger-than-expected increase in US crude inventories.

According to a Reuters survey, Brent crude futures rose 16 cents, or 0.2%, to $72.97 as of 0408 GMT. US West Texas Intermediate crude futures rose 16 cents, or 0.23%, to $68.91.