Basra crudes register slight weekly losses

Shafaq News / Basra crude oil incurred minor weekly losses following four consecutive weeks of gains, as global oil prices recorded more than 1% decline.

Basra Heavy crude closed the last session of Friday with a decrease of three cents, reaching $86.51, marking a loss of 32 cents or 0.31%.

Meanwhile, Basra Intermediate crude closed its last session with a decrease of three cents, reaching $89.71, also registering weekly losses of seven cents or 0.8%.

Global oil gains on Friday partially offset losses recorded in the previous session, dominated by concerns about US inflation, reducing hopes for interest rate cuts. Brent declined by 0.8% on a weekly basis compared to a decrease of more than 1% for US crude.