Basrah Crude posts second consecutive weekly loss

Shafaq News/ Iraq’s Basrah crude oil recorded sharp weekly losses for the second consecutive week, despite closing higher in the latest trading session on Friday.

Basrah Heavy rose by $1.44 on Friday, ending the session at $61.69 per barrel. However, it registered a weekly decline of $5.28, or 7.88%.

Basrahl Medium also gained $1.44 during Friday’s session, closing at $70.02 per barrel. It posted a weekly loss of $5.18, equivalent to 7.4%.

Global oil markets faced their second straight week of losses, weighed down by persistent concerns over the prolonged trade tensions between the United States and China.

Brent crude slipped by more than 1% over the week, while West Texas Intermediate (WTI) registered a similar decline. Both markers had seen sharper drops of around 11% the previous week.