Basra posts weekly loss in a fluctuating market
Shafaq News/ Basra's heavy crude closed at $86.15 after gaining $0.06 in a choppy trade on Friday, but posted a weekly loss of $1.53, or 1.74%.
Oil prices eased about 1% on Friday after top crude importer China widened its COVID-19 curbs, though the crude benchmarks were poised for a weekly gain on supply concerns and surprisingly strong economic data.
Brent futures fell $1.19, or 1.2%, to settle at $95.77 a barrel. U.S. West Texas Intermediate (WTI) crude fell $1.18, or 1.3%, to $87.90. For the week, Brent rose about 2% and WTI was up about 3%.
Chinese cities ramped up COVID-19 curbs on Thursday, sealing up buildings and locking down districts after China registered 1,506 new COVID infections on Oct. 27, the National Health Commission said, up from 1,264 new cases a day earlier.
Data on Thursday showed a strong rebound in U.S. gross domestic product (GDP) in the third quarter, demonstrating resilience in the world's largest economy and oil consumer.
