Basra Crude Prices Surge as OPEC+ Curtails Supply

Shafaq News/ The Basra crudes posted weekly gains on Friday after OPEC+ reaffirmed its commitment to voluntary production cuts.

The decision finalized during the 49th Joint Ministerial Monitoring Committee meeting on Friday, has sent ripples through the global commodities markets.

Rising by $1.81 on Friday, the Heavy Basra Crude settled at $81.79 per barrel, marking weekly gains of $1.1 or 1.34%. Its intermediate counterpart also rose by $1.81 to reach $84.84 per barrel, posting weekly gains of $1.2 or 1.54%.

Brent Crude recaptured momentum during the closing session on Friday. The international benchmark added $1.10 to its price tag, closing at $86.24 per barrel with meager weekly gains of 30 cents or 0.35%.

Meanwhile, the price West Texas Intermediate (WTI) crude, the U.S. standard, increased by $1.27 cents to $82.82 a barrel, and chalked up weekly gains of $2.24 or 2.78%.