Basra heavy and medium crude prices climb over 14% in one session

BAGHDAD, Iraq — Prices for Iraq's Basra Heavy and Basra Medium crude grades rose sharply on Thursday despite a decline in global oil benchmarks. Basra Heavy gained $7.72, or 14.01%, to $62.81 a barrel, while Basra Medium added $8.72, or 15.20%, to reach $66.11 a barrel. The increases came alongside a broader rally across major crude benchmarks. The OPEC reference basket price rose $5.98, or 7.42%, to $86.60 a barrel. Murban crude traded 1.10% higher at $90.08 a barrel, and Dubai crude edged up $0.59 to $84.56 a barrel. In contrast, the two leading international benchmarks moved lower. Brent crude futures fell $0.71, or 0.80%, to $88.27 a barrel, while West Texas Intermediate dropped $0.83, or 1%, to $82.44 a barrel.