Iraq crude prices rose on Tuesday, gaining ground even though global oil markets stayed mostly stable. Both Basrah Heavy and Basrah Medium saw increases that caught the attention of traders and analysts.
Basrah Heavy crude moved up by 88 cents. This marked a 1.45% rise, bringing the price to $61.46 per barrel. At the same time, Basrah Medium crude also increased by 88 cents. This 1.39% gain pushed its value to $64.41 per barrel.
These gains occurred while global benchmarks barely changed. Despite low volatility worldwide, Iraq crude prices climbed steadily. The market watched closely, expecting decisions from OPEC+ that could affect global supply levels.
Meanwhile, Brent crude futures rose slightly by 11 cents. That small 0.2% increase brought the global benchmark to $64.85 per barrel. Similarly, West Texas Intermediate (WTI) crude ticked up 6 cents, rising 0.1% to reach $61.59.
The OPEC+ group, which includes Iraq, may soon decide to adjust production. Traders expect discussions during an upcoming meeting. However, no clear decision has emerged yet, leaving oil prices in a wait-and-see pattern.
Despite that, Iraq crude prices continued to perform well. Many analysts view the steady increase as a reflection of regional demand and strong oil marketing strategies. These price gains also suggest confidence in Iraqi oil grades, especially Basrah varieties.
Market observers noted that Iraq crude prices often respond to regional buying patterns. They also react to shipping conditions and refinery needs. For now, both Basrah Heavy and Basrah Medium remain attractive to buyers, especially in Asia.
In contrast, global oil benchmarks like Brent and WTI have remained cautious. Investors continue to monitor global demand and political developments. While prices edged higher, gains stayed limited due to uncertainty around future supply increases.
Despite these small changes globally, Iraq crude prices set a different pace. The price rises for Basrah Heavy and Medium highlight Iraq’s growing influence in oil trade.