Basra Crude Ends Week with Strong Gains

Basra heavy and medium crude oil prices registered notable weekly gains, despite experiencing declines in their final trading sessions, coinciding with a drop in global oil prices. Markets continue to monitor geopolitical developments and disruptions to shipping and supply movements in the region. The price of Basra heavy crude fell by 80 cents per barrel, or 0.96%, closing trading at $82.66 per barrel. Nevertheless, the crude recorded weekly gains amounting to $8.14, equivalent to 10.93%, compared to its price at the beginning of the week, which stood at $74.52. Similarly, Basra medium crude dropped by 80 cents per barrel, by 0.92%, to close at $85.98 per barrel. Despite this decline, it registered weekly gains of $8.16, equivalent to 10.49%, compared to its level of $77.82 at the start of the week. Globally, West Texas Intermediate crude retreated to $90.64 per barrel, declining by $0.66 or 0.72%, while Brent crude decreased to $95.38 per barrel, marking a drop of $0.14 or 0.1%.