Basrah crude records weekly losses exceeding 3% with global oil decline

Shafaq News/ Basrah crude oil recorded weekly losses exceeding 3%, mirroring a global dip in oil prices, despite modest gains in the final trading session.

Basrah Heavy crude concluded its latest session on Friday with a increase of $0.04, closing at $66.82. This downturn resulted in a weekly loss of $3.43, or 3.7%.

Basrah Medium crude edged higher by $0.04, settling at $69.82in its recent session, and registered a weekly loss of $3.11, or 3.7%.

The decline in Basrah crude aligns with global trends, as oil prices experienced a weekly downturn. Investors focused on the potential for increased production from Libya and the OPEC+ alliance, despite new economic stimulus measures from China, the world's largest oil importer.

Brent crude ended the week down by 3.3%, while West Texas Intermediate (WTI) saw a larger drop of 3.9%.