Basra crude closes on large weekly gains
2022-06-11T07:14:42+00:00
Shafaq News/ Oil futures ended lower this week, slashing early gains as inflation in the US and lockdowns in China pressured the market, though benchmarks logged a seventh straight weekly gain.
West Texas Intermediate crude for July delivery fell 84 cents, or 0.7%, to close at $120.67 a barrel on the New York Mercantile Exchange, leaving it with a weekly gain of 1.5%.
August Brent crude, the global benchmark, fell $1.06, or 0.9%, to settle at $122.01 a barrel on ICE Futures Europe, leaving it with a 1.9% weekly gain and its fourth straight winning week.
Both WTI and Brent ended at three-month highs earlier this week.
At $122.1, Basra's heavy crude closed on a $6.53, equivalent to 4.82%, weekly gain despite a last-day $1.06 loss.
