Basrah crude records weekly gains of over 2% with global oil market rally

Shafaq News/ Basrah crude oil recorded weekly gains exceeding 2%, as global oil prices continued their upward momentum for the second consecutive week.

Basrah Heavy crude concluded its latest session on Friday with an increase of $0.49, closing at $69.39. This downturn resulted in a weekly gain of $2.30, or 2.92%.

Basrah Medium crude edged higher by $0.49, settling at $72.39 in its recent session, and registered a weekly gain of $2.30, or 2.92%.

Despite a slight decline in oil prices at the end of Friday’s trading, the market saw its second week of growth, supported by US interest rate cuts and declining global inventories.

Brent crude posted a 4% weekly gain, while West Texas Intermediate (WTI) recorded a 4.9% increase.

The rise in oil prices has been attributed to strong demand, reduced supply, and expectations of continued market tightening.