Basra Crude posts weekly losses with a decline in global oil prices
2024-02-03T07:28:39+00:00
Shafaq News/ On Saturday, Basra crude experienced weekly losses amid a broader decline in global oil prices.
Basra Heavy crude concluded its latest session with a drop of 1.42 cents, settling at $74.55, representing a weekly loss of $3.6 (3.94% .)
Similarly, Basra Intermediate crude saw a decline of 1.42, closing at $77.55 and recording weekly losses of $3.29 (4.7%.)
Global oil prices also took a hit, experiencing a roughly 2% decline on Friday. The weekly losses amounted to 7%, driven by robust jobs report data from the United States.
The positive economic indicators reduced the likelihood of interest rate cuts in the world's largest economy, potentially impacting crude demand.
