Basra, Brent, and WTI Crude Record Weekly Gains Despite Turmoil in Banking Sector

Shafaq News/ Basra crude closed the week with a gain of over 2%, alongside Brent and West Texas Intermediate crude, which also recorded gains.

The uptick was primarily attributed to the recovery of Chinese demand, slightly offset by the banking sector turmoil during the past week.

Despite closing its last session on Friday down by 42 cents at $71.32, Basra Heavy crude recorded a weekly gain of $2.06, equivalent to 2.97%. Similarly, Basra Light crude closed its last session down by 42% at $75.10 but recorded weekly gains of $1.09, equivalent to 1.47%.

On the other hand, Brent crude closed at $74.99 in its last session on Friday, down by 92 cents, but recorded a weekly gain of $2.92, equivalent to 4.05%.

West Texas Intermediate (WTI) crude closed its last session of Friday at $66.74 a barrel, down by 70 cents, but recorded weekly gains of $69.26, equivalent to 3.78%.

Despite the rise in oil prices at the beginning of last week due to the recovery in demand for oil after the economic growth in China, prices eventually fell towards the end of the week due to the rise in US oil stocks. They continued unrest in the banking sector in Europe and the United States.