Shafaq News– Basrah

Iraq’s Basrah Heavy and Basrah Medium crude grades ended the week with gains, despite closing lower in Friday’s session.

Basrah Heavy fell by 95 cents in its final Friday trade to $58.88 a barrel, but still posted a weekly gain of 98 cents, or 1.69%. Basrah Medium also slipped by 80 cents on Friday to $60.45 a barrel, while recording a weekly increase of 88 cents, or 1.46%.

Global oil prices finished the week higher as markets weighed supply risks, even as the likelihood of a US strike on Iran eased. Brent crude was on track for weekly gains of about 1.7%, while US West Texas Intermediate was set to rise by around 1.2%.