Shafaq News – Baghdad

Iraq’s Basrah Heavy and Basrah Medium crude grades both ended the week with losses of more than 7 percent.

Basrah Heavy fell by $0.9 on Friday to close at $63.21 per barrel, posting a weekly decline of $5.03, or 7.96 percent. Basrah Medium closed at $64.76 per barrel, down $0.98 on the day and $5.02 for the week, a loss of 7.75 percent.

International benchmarks also retreated. Brent futures dropped $5.70, or 8.1 percent, to settle at $64.53 a barrel. US West Texas Intermediate (WTI) fell $4.96, or 7.4 percent, to $60.88 a barrel.