Weekly losses for Basarh Crude despite the global rise

Shafaq News/ Basrah crude recorded weekly losses amid an increase in global oil prices.

Basrah Heavy crude concluded its latest session on Friday with an increase of $0.05, closing at $80.19. This downturn resulted in a weekly loss of $1.74 or 2.12%.

Basrah Medium crude climbed by $0.05, settling at $83.14 in its recent session. Its weekly loss amounted to $3.29 or 3.81%.

Globally, oil prices edged up by about 1% on Friday. However, they experienced a decline for the week amid concerns about robust U.S. economic data potentially leading to prolonged elevated interest rates, which could dampen fuel demand.

Brent crude closed the week with a 2.1% decrease, marking its longest losing streak since January 2 as it fell for four consecutive sessions. and WTI settled the week with a 2.8% decline.