Basra oil posts weekly gains to reach 80$

Shafaq News/ The price of Basra's heavy crude climbed on a weekly basis with more than a 7.33% loss.

Basra's heavy crude to Asian customers closed at $80.52, posting a weekly gain of $5.5.

Oil prices swung wildly in 2022, climbing on tight supplies amid the war in Ukraine, then sliding on weaker demand from top importer China and worries of an economic contraction, but closed the year on Friday with a second straight annual gain.

Brent crude on Friday, the last trading day of the year, settled at $85.91 a barrel, up nearly 3% to $2.45 per barrel. U.S. West Texas Intermediate crude settled at $80.26 a barrel, up $1.86 or 2.4%.