Basra crudes post small weekly gains despite losses on Friday

Shafaq News/ The price of Basra crudes dipped on Friday in choppy trading but notched a slight weekly gain on Friday.

Basra's heavy crude shrugged $2.4 from its price tag on Friday to settle at $74.22. Still, it posted a weekly gain of $0.06, or 0.08%. The light counterpart closed at $79.97 with a weekly gain of $0.06, despite the loss of $2.4 toward the end of the day.

Despite rising earlier this week, crude oil prices are set to end the week with a loss, largely driven by concern that the Federal Reserve is not done with aggressive rate hikes.

Brent, the benchmark for two thirds of the world’s oil, shed $2.14 to settle 2.51% lower at $83 a barrel at the close of trading on Friday.

West Texas Intermediate, the gauge that tracks US crude, lost 2.74%, or $2.15, to close at $76.34 a barrel.