Shafaq News/On Thursday, prices for Basrah Heavy and Basrah Medium crude edged higher,despite the decline in global oil prices.
Basrah Heavyincreased by $0.35 to $67.00 per barrel, while Basrah Medium also increased by $0.35to $70.15 per barrel.
Basra crudeprices have surged even as global oil prices face downward pressure due toexpectations of increased global production and mounting concerns over weakeneddemand. The strengthening U.S. dollar has further capped oil prices, limitinggains across the energy sector.
By 04:00 GMT,Brent crude futures dropped 35 cents, or 0.5%, to $71.93 a barrel. US WestTexas Intermediate crude (WTI) futures declined 42 cents, or 0.6%, to $68.01per barrel.