Shafaq News/ Friday marked a tumultuous end to a bearish week for global oil markets, with Basra crude, registering significant weekly losses. The undercurrent of anxiety regarding the fuel demand, exacerbated by Britain's unexpected interest rate increase and looming American rate hikes, cast a pall over the market.

At the Friday settlement, Basra Heavy crude sealed a $3.03 drop to close at $70.61 per barrel. The cumulative weekly depreciation amounted to $1.36, which represents a fall of 1.89%.

Likewise, Basra Intermediate crude saw a similar decline of $3.03 in the last session of the week, settling at $73.75. The intermediate grade, akin to its heavy counterpart, marked a weekly loss of $1.37, or 1.82%.

On a broader scale, the repercussions of dampened oil demand were reflected in the Brent crude's performance. The benchmark closed 29 cents lower at $73.85, rounding off the week with a loss of $2.76 or 3.6%.

The US West Texas Intermediate (WTI) crude also concluded the week on a bearish note, shedding 35 cents to settle at $69.16 per barrel. The weekly loss for WTI totaled $2.62, translating to a 3.65% drop.

With several central banks contemplating tightening monetary policy, the oil markets seem to be at the mercy of fluctuating macroeconomic indicators. The steep rise in British interest rates coupled with potential American rate hikes have ignited apprehensions that higher borrowing costs might stunt economic recovery and throttle back energy consumption.