Basra Crude and Global Oil Prices Rise on Increased Demand and Production Cuts

Shafaq News/ The price of Basra crude settled higher and recorded weekly gains, following the upward trend of Brent and American crude.

Basra Heavy crude closed at $71.97 in its last session on Friday, marking a $2.11 increase and a weekly gain of $1.27, equivalent to 1.8%. Basra Intermediate crude also closed higher, reaching $75.12 with a $2.11 increase, and recorded weekly gains of $1.27, equivalent to 1.73%.

Brent crude closed at $76.61 in its last session on Friday, showing a rise of 94 cents. It recorded a weekly gain of $2, or 2.4%. West Texas Intermediate (WTI) crude closed at $71.78 a barrel, registering a $1.16 increase in its last session. It achieved weekly gains of $1.87, equivalent to 2.3%.

The increase in oil prices can be attributed to the rise in demand from China and the production cuts implemented by the OPEC+ alliance. Despite concerns about a weak global economy and the possibility of interest rate hikes, these factors have buoyed the oil market.