Basrah crude records weekly losses

Shafaq News/ Iraq’s Basrah crude ended the week with notable losses as global oil prices dropped for a third consecutive session, driven by concerns over declining global demand.

Basrah Heavy closed Friday’s trading session down $0.20 at $67.29 per barrel, registering a weekly loss of $1.31 or 1.77%.

Similarly, Basrah Medium declined by $0.20 to settle at $71.65 per barrel, marking a weekly decrease of $1.12 or 1.57%.

Across the broader oil market, Brent crude fell over 1% during the week, while US West Texas Intermediate (WTI) crude managed to edge higher, gaining a marginal 0.1%.