Slight increase in Basra crudes

Shafaq News/ Basra crude oil prices inched up on Tuesday, mirroring the steady trend of global oil prices.

Basra Heavy crude oil added 7 cents to settle at $76.41 a barrel, while Basra Medium crude oil also gained 7 cents to close at $79.21 a barrel.

Brent futures rose 0.1% or 7 cents to $82.07 a barrel at 0420 GMT. U.S. West Texas Intermediate (WTI) crude climbed 0.1% or 10 cents to $77.02 a barrel.

Oil prices were almost unchanged in Monday's trade, after surging 6% last week.

Oil prices were slightly higher on Tuesday amid concerns that Middle East conflicts could hamper supply, but gains were limited by doubts over the timing and magnitude of possible US interest rate cuts and their effect on fuel demand.