Basra Crudes Defy Market Tendency, Notching Weekly Gains Despite Session Slump
Shafaq News/ The oil market's capricious character was on full display this past week, with oil prices being subject to a panoply of pressures. Basra's heavy and intermediate crudes defied overall trends, reconciling a sessional dip with an eventual rise in the form of weekly gains, diverging from the route followed by the likes of Brent and West Texas Intermediate (WTI) Crude, which capitulated to weekly losses.
The Basra crudes, both heavy and intermediate, succumbed to a $1.29 contraction at the week's finale, culminating at $71.67 and $74.82 per barrel, respectively. Yet, both variants mustered sufficient vigor to post weekly ascents. The heavy crude nudged upwards by $1.27, or 1.8%, while the medium crude echoed this positive sentiment, climbing by the same dollar value, tantamount to 1.73%.
Brent Crude embarked on a downward journey, shedding $1.17 to settle at $74.79 per barrel for Friday's close. The US benchmark could not extricate itself from the grip of weekly losses, which crystallized at $1.43 or an equivalent 1.76% decrement.
Simultaneously, the US West Texas Intermediate (WTI) crude confronted the week's turbulence head-on. Despite its valiant efforts to cushion the blow with a modest $1.12 dip at the close of Friday's session to reach $70.17 a barrel, its weekly setbacks proved more pronounced. A decline of $1.57 cast a shadow over its performance, marking a substantial 2.19% retreat.
This cavalcade of fluctuations can be attributed to the somber symphony of disappointing Chinese economic data coupled with escalating concerns around demand growth following Saudi Arabia's strategic decision to curtail production.
