Shafaq News/ Basra crude, a key benchmark for Iraqi oil, achieved gains for the third consecutive week following supply cuts by Saudi Arabia and Russia.

The prices of both Basra Heavy and Basra Intermediate crude closed higher in the last session on Friday.

Basra Heavy crude closed at $78.04 per barrel, marking an increase of $1.4 and recording a weekly gain of $4.27, equivalent to 5.79%. Similarly, Basra Intermediate crude closed higher at $81.09 per barrel, also showing a $1.4 increase. It registered weekly gains of $5.92, or 7.88%.

In contrast, Brent crude closed lower in the last session on Friday at $79.87 per barrel, experiencing a decrease of $1.49. However, it still managed to record weekly gains of $1.4, equivalent to 1.78%.

Meanwhile, West Texas Intermediate (WTI) crude closed at $73.86 per barrel in its last session on Friday, down by $1.47. Nonetheless, it achieved weekly gains of $1.56, or 2.11%.

The recent announcement by Saudi Arabia and Russia, the world's leading oil exporters, about increasing oil production cuts that have been in place since November of the previous year has further supported crude prices.