Basra Crude Records Notable Weekly Losses Amid Global Price Decline

Basra Heavy and Medium crude oils concluded the week with significant losses, driven by sharp declines in global oil prices, with each recording a drop of more than $8 per barrel in the final trading sessions. Basra Heavy crude fell by $8.57 per barrel, or 9.56%, in the latest trading sessions, closing at $81.07 per barrel. The heavy crude recorded a weekly loss of $9.20, equivalent to 10.19%, compared to its level of $90.27 at the start of the week. Similarly, Basra Medium crude declined by $8.57 per barrel, or 9.22%, closing at $84.37 per barrel. Its weekly losses amounted to $9.20, equivalent to 9.83%, compared to its initial price of $93.57 per barrel at the beginning of the week. In global markets, West Texas Intermediate (WTI) crude settled at $100.89 per barrel after a drop of $1.02, or 1%. Brent crude also recorded $103.77, falling by $1.05, or 1%. These weekly losses affecting both Basra crude types come amidst a continued decline in global oil prices, as markets remain impacted by geopolitical developments and disruptions to shipping and supplies in the region.