Basra Light closes at 4.48% weekly gain

Shafaq News/ The Basra Light Crude grossed a $3.21 gain last week driven by the rise of global oil prices as the ameliorated concerns over the impact of the Omicron COVID-19 variant revitalized impeded demand. 

Basra's Light Crude closed yesterday, Friday, at $74.9, $0.43 above the previous session and $3.21, equivalent to 4.48%, above last week's Friday. 

 Oil prices rose slightly on Friday and posted their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron coronavirus variant's impact on global economic growth and fuel demand.

The Brent and U.S. West Texas Intermediate (WTI) crude benchmarks each posted gains of about 8% this week, their first weekly gain in seven, even after a brief bout of profit-taking.

Brent futures settled up 73 cents, or 1%, at $75.15 a barrel, after falling 1.9% on Thursday.

WTI rose 73 cents, or 1%, to $71.67 after sliding 2% in a volatile session the previous day.

Keeping a lid on prices are faltering domestic air traffic in China, owing to tighter travel restrictions, and weaker consumer confidence after repeated small outbreaks. 

Ratings agency Fitch downgraded property developers China Evergrande Group and Kaisa Group, saying they had defaulted on offshore bonds. 

That reinforced fears of a potential slowdown in China's property sector, as well as the broader economy of the world's biggest oil importer.