Basra crudes close lower, but global oil prices rise

Shafaq News/ Basra crudes, Iraq's main export grade, closed lower on Friday, as the country continued to comply with the OPEC+ agreement to cut production.

Basra's heavy crude closed at $72.94 a barrel, down 79 cents, or 1.22%. It's intermediate counterpart closed at $75.49 a barrel, down 79 cents, or 1.01%.

Global oil prices, however, rose by 2% on Friday, recording weekly gains, amid expectations of a recovery in demand in the new year.

The price of Brent crude, the global benchmark, rose to $80.10 per barrel, while the price of West Texas Intermediate (WTI) crude rose to $76.61 per barrel.

OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, agreed in December 2023 to extend output cuts in a bid to support prices and balance the market.