Basra Crude Records Weekly Gains Amid Market Supply Concerns

Shafaq News/ Basra crude closed higher and recorded weekly gains, following the upward trend in Brent and American crude prices.

Basra Heavy crude concluded its last session on Friday with an increase of 84 cents, reaching $72.02, resulting in a weekly gain of $1.59, equivalent to 2.25%.

Similarly, Basra Intermediate crude also closed higher in its last session, rising by 84 cents to $75.17. It recorded weekly gains of $1.42, equivalent to 1.93%.

Brent crude closed its last session at $74.90, up by 66 cents, and posted a weekly gain of $1.05, or 1.42%.

West Texas Intermediate (WTI) crude also experienced an increase in its last session on Friday, up by 76 cents, reaching $69.16 per barrel. It recorded a weekly gain of $1.48, or 2.14%.

Market concerns over supply scarcity drove these price surges, as the US Energy Information Administration reported a significant 9.6 million-barrel decrease in crude stocks for the week. Additionally, Saudi Arabia's plan to implement a new production cut of one million barrels daily in July contributed to the price increase.