Basra heavy crude posts heavy weekly loss
2022-09-03T09:56:40+00:00
Shafaq News/ Oil climbed on Friday on expectations that OPEC+ will discuss output cuts at a meeting next week. Still, it posted weekly losses as prospects for a global economic slowdown weighed heavily on the demand outlook.
Brent crude futures were up $1.73, or 1.9%, at $94.09 a barrel by 1350 GMT, while U.S. West Texas Intermediate (WTI) crude futures advanced $1.69, or 2%, to $88.30.
Both benchmarks slid 3% to two-week lows in the previous session. Brent was on course for a weekly drop of nearly 7%, and WTI of about 5%.
For the Basra heavy crude, the week closed at a $7.13, or 7.47%, drop to settle at $88.34.
