Basra crude registers weekly losses despite gains recorded in final sessions

Basra heavy and medium crudes concluded the week with losses, despite achieving notable gains during the final trading session. Basra heavy crude rose in the closing sessions by $3.95 per barrel to settle at $72.16, yet it recorded an overall weekly loss of $2.41 compared to its opening level of $74.57 at the start of the week. Similarly, Basra medium crude increased by $3.65 per barrel to close at $75.16, registering a weekly decline of $2.89 down from its beginning-of-the-week level of $78.05. In global markets, West Texas Intermediate crude reached $91.69 per barrel with a slight increase of 20 cents, while Brent crude reached $104.44 per barrel, rising by 16 cents. Despite this limited rise in global futures near the end of the week, these gains fell short of offsetting the overall losses sustained by Basra crudes throughout the week.