Basra Oil Prices Rise Over 5% as Brent, WTI Fall

DUBAI, United Arab Emirates — Oil prices fell globally on Thursday, with Brent crude dropping 0.79% to $97.04 per barrel and U.S. West Texas Intermediate declining 0.70% to $95.35 per barrel. Iraqi Basra crude bucked the downward trend, with Basra heavy oil climbing 5.64% to $72.08 per barrel and Basra medium-grade oil rising 5.47% to $74.18 per barrel. Gulf crude prices also moved higher in Thursday's trading. Saudi Arabia's light oil increased 3.97% to $107.85 per barrel, while UAE's Murban crude rose 1.12% to $97.17 per barrel. The OPEC Reference Basket fell 2.37% to $101.58 per barrel. Oman crude traded at the Dubai Energy Exchange decreased 0.11% to $91.96 per barrel. Basra oil recorded the strongest price increase among benchmark crudes tracked in Thursday's session.