Shafaq News / Basra crude oil recorded weekly gains for fourth consecutive week amidst global oil price increases.

Basra Heavy crude oil closed higher in its latest session on Friday, rising by $1.46 to reach $86.83. It recorded weekly gains of $3.36, equivalent to 4.03%.

Similarly, Basra Intermediate crude oil closed the week higher, climbing by $1.46 to reach $89.78, recording weekly gains of $3.48 or 4.03%.

Global oil prices continued their gains on Friday, heading towards achieving a fourth consecutive weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over supply tightening, and optimism about global fuel demand growth amid improving economies.