Basra Crude posts weekly losses

Shafaq News/ On Saturday, Basra crude experienced weekly losses amid a broader rise in global oil prices.

Basra Heavy crude concluded its latest session with a drop of 69 cents, settling at $77.80, representing a weekly loss of 85 cents (1.9% .)

Similarly, Basra Intermediate crude saw a decline of 69 cents, closing at $80.25 and recording weekly losses of 85 cents (1.5%.)

Global oil prices rose by 2% at the end of trading yesterday, Friday, and recorded weekly gains for Brent crude by 2.3% and West Texas Intermediate crude by 4.5%.

Globally, oil prices posted weekly gains as traders awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh U.S., European, and Chinese economic data.

Brent futures for May settled $1.64 higher, or 2%, at $83.55 a barrel. The April Brent futures contract expired on Feb. 29 at $83.62 a barrel.

U.S. West Texas Intermediate (WTI) for April rose $1.71, or 2.19%, to $79.97 a barrel.