Basra Crude closed at 4.87 weekly gains

Shafaq News/ Crude oil stock exchanges closed with weekly gains, while Basra crude achieved significant gains after rising in its last session on Friday.

Basra Heavy crude closed at a gain of 0.40 cents to reach 101.30 dollars and achieved significant weekly gains of 4.87 dollars, equivalent to 5.05%.

In the last session, Brent crude closed by 0.51 cents to reach 112.55 dollars and recorded weekly gains of one dollar, equivalent to 0.9%.

The US West Texas Intermediate crude closed at a rise of 1.02 dollars to reach 113.23 dollars per barrel and recorded weekly gains of 2.74 dollars or 2.48%.

Oil prices were volatile, buoyed by fears that a possible European Union ban on Russian oil could tighten supplies, but under pressure from concerns about a weakening global economy.