Basra Crude faces substantial weekly losses amid global oil downturn

Shafaq News/ Basra crude experienced a notable decline in the wake of last week's overall downturn in oil prices, resulting in significant weekly losses.

Basra Heavy crude concluded its last session on Friday with a dip of $2.68, settling at $75.90. However, the weekly losses amounted to $2.83, equivalent to a 3.59% decrease.

Basra Intermediate crude saw a decline of $2.68 in its last session, closing at $78.95, with weekly losses totaling $7.16 or 8.31%.

Global oil prices, as a whole, sustained their fourth consecutive weekly loss of over 1%. This downturn was primarily influenced by the surge in U.S. crude inventories and the sustained high levels of production, factors contributing to the challenging environment for oil markets.