Basrah crude ends week lower despite late gains
Shafaq News – Basrah
Iraq’s Basrah crude grades posted slight weekly losses despite ending Friday’s session with modest gains, mirroring a broader global dip in oil prices.
Basrah Heavy rose by 57 cents to close at $67.43 per barrel, yet it recorded a weekly decline of 4 cents, or approximately 0.06%. Basrah Medium matched that increase, settling at $70.48, but also notched a weekly loss of 4 cents.
The performance came amid a broader downturn in global oil markets, driven by negative economic signals from both the US and China and signs of rising supply. This muted outlook overshadowed recent optimism stemming from US economic agreements that could boost global growth and support oil demand.
Benchmark Brent crude fell by roughly 1% over the week, while West Texas Intermediate (WTI) dropped nearly 3%.
