Basra crude records minor weekly declines amidst global market price volatility

Shafaq News/ Basra crude oil prices experienced a week of subtle downturns in response to worldwide market fluctuations. While some benchmarks reflected momentary gains, the overarching trend was marked by a fractional decline, primarily influenced by a blend of economic data and production adjustments.

Basra Heavy crude concluded its Friday trading session with an increase of 68 cents, settling at $82.38 per barrel. However, the weekly performance revealed a marginal loss of 49 cents, translating to a nominal contraction of 0.59%.

Basra Intermediate crude displayed a similar pattern. The closing price for the week's final session showed an uptick of 68 cents, reaching $85.43. Nonetheless, the week disclosed a loss of 74 cents, or 0.74% decrease.

Global benchmark Brent crude exhibited a more dynamic picture, registering an upswing of $1.12 during Friday's closure, achieving a finishing price of $84.48. Over the week, however, a decline of $1.76 or 2.04% was observed.

West Texas Intermediate (WTI) crude concluded the Friday session with a gain of 78 cents, reaching $81.25 per barrel. The broader weekly perspective unveiled a setback of $1.42, signifying a fractional decrease of 1.75%.

The week was characterized by fluctuating oil prices, where the influential economic indicators from China, the largest global oil consumer, mingled with the constrained supply scenario orchestrated by OPEC's deliberate production cuts.