Basrah Heavy, Medium fall ~10%

Shafaq News- Basra

Iraq’s Basrah Heavy and Basrah Medium crude grades ended the week down about 10%, after both fell $8.57 per barrel in the latest trading session.

Basrah Heavy dropped 9.56% in the latest session to $81.07 per barrel, ending the week $9.20 lower, or 10.19%, from $90.27 at the start of the week.

Basrah Medium also fell $8.57, or 9.22%, to $84.37 per barrel, posting a weekly loss of $9.20, or 9.83%, from $93.57.

In global markets, Brent crude settled at $104.32 per barrel on Friday, down $2.28, or 2.1%, while US West Texas Intermediate fell $2.20, or 2.3%, to $92.41, according to Reuters. Oil prices declined as markets weighed prospects for a US-Iran truce against continuing concerns over attacks on Saudi Arabia and regional supply disruptions.