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Basra crude closes at a weekly loss despite a 4% rise in global prices

Category: Economy

Date: 2022-05-14T06:45:50+0000
Basra crude closes at a weekly loss despite a 4% rise in global prices

Shafaq News/ Oil prices rose about 4% on Friday as U.S. gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil.

Brent futures rose $4.10, or 3.8%, to settle at $111.55 a barrel. U.S. West Texas Intermediate (WTI) crude rose $4.36, or 4.1%, to settle at $110.49.

That was the highest close for WTI since March 25 and its third straight weekly rise (+0.66%). Brent fell (-0.75%) for the first time in three weeks.

Basra's heavy crude closed at a $7.33 loss in spite of $2.73 last day gain to settle at $96.43 a barrel.

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