Basrah crude sees weekly decline as broader oil market slump
2024-08-24T06:21:52+00:00
Shafaq News/ Basrah’s heavy and medium crude oils recorded weekly losses as global oil prices fell by more than 2% this week.
On the last trading session of Friday, Basrah Heavy crude closed up by $1.80, reaching $72.47 per barrel. However, it still posted a weekly loss of $3.25, or 4.8%.
Basrah Medium crude closed up by $1.80 at $75.47 per barrel, with a weekly decline of $3.39, equivalent to 3.92%.
Brent crude saw a weekly decrease of 1.2%, while West Texas Intermediate (WTI) crude fell by 2.1% for the week. Both benchmarks reached their lowest levels since early January this week, following a significant downward revision by the US government of job additions expected through March of the coming year.
