Basra crude posts heavy weekly loss as recession fears trump tight supply

Shafaq News/ Oil prices rose about two percent in late volatile trading Friday, but still posted weekly declines as investors worried about a potential slump in demand driven by the economic recession even as global fuel supplies remain tight.

Brent crude futures for September delivery rose 2.37 dollars, or 2.3 percent, to settle at 107.02 dollars a barrel. US West Texas Intermediate crude futures for August delivery added 2.06 dollars, or 2.0 percent, to close at 104.79 dollars a barrel.

Both benchmark contracts traded in negative territory and then rebounded from session lows.

Brent posted a weekly loss of around 4.1 percent and WTI posted a 3.4 percent loss, following its first monthly decline since November. Prices fell on Tuesday (5/7/2022), when Brent’s $10.73 drop was the contract’s third-biggest daily drop since it began trading in 1988.

Basra's heavy crude to Asian customers closed at $95.59, notching $4.45 toward the end of the trading session on Friday, but still posted a weekly loss of $11.63, or 10.91 percent.