Basra crude records weekly gains amid rising prices

Shafaq News/ Basra crude achieved weekly gains as oil prices rose over the past week.

Basra Heavy crude, in its last session, closed slightly down by 79 cents to reach $87.40 per barrel. However, it recorded a notable weekly gain of $2.25, equivalent to 2.64%.

Basra Intermediate crude closed its last session slightly down, reaching $90.35 per barrel, a decrease of 79 cents. Despite this daily drop, it recorded weekly gains of $2.24, equivalent to 2.54%.

On the other hand, Brent crude closed its last session on Friday with an increase of 73 cents, reaching $90.66 per barrel. Over the week, it recorded significant weekly gains of $2.1, representing a 2.37% increase.

West Texas Intermediate (WTI) crude also closed its last session on Friday with an increase of 64 cents, reaching $85.55 per barrel. It recorded a weekly gain of $1.96, equivalent to a 2.29% increase.

Oil prices have risen during the past week, primarily attributed to a supply decline. Saudi Arabia and Russia extended their production cuts by one million barrels and 300,000 barrels, respectively, until the end of the year. Additionally, the OPEC+ group members extended their production cuts, contributing to the upward trajectory of oil prices.