Basra's crude posts heavy weekly amid fear of economic slowdown

Shafaq News/ Oil prices' headed to a second weekly loss in a row, as fears of economic slowdown persisted and offset hopes of rising oil demand from China.

But crude is gaining support from a looming European Union ban on Russian oil, as well as the recent 2 million-barrels-per-day output cut agreed by the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+.

Brent crude settled at $93.50 a barrel, up $1.12, or 1.2%. U.S. West Texas Intermediate crude (WTI) settled at $85.05 a barrel, up 54 cents, 0.6%. During the session, both benchmarks had been down by more than a dollar.

Brent was up by 2% on the week, while WTI fell about 0.7%.

At $87.68, Basra's heavy crude sold to Asian consumers posted a heavy weekly loss of $4.22, or 4.81%, despite 23 cents gain on the final day of the market.