Basrah Crude prices surge after weeks of steady decline
2024-08-17T07:11:51+00:00
Shafaq News/ Basrah crude oil recorded weekly gains after a five-week streak of losses, buoyed by a broader recovery in global oil prices.
Basrah Heavy crude concluded its latest session on Friday with an increase of $0.77, closing at $75.55. This downturn resulted in a weekly gain of $2.30, or 2.61%.
Basrah Medium crude edged higher by $0.77, settling at $78.55 in its recent session, and registered a weekly gain of $2.30 or 2.60%.
Globally, oil prices saw a second week of gains, driven by positive US economic data that eased investor concerns over a potential recession in the United States, the world's largest oil consumer.
Brent crude saw a weekly increase of 3.7%, while West Texas Intermediate (WTI) crude gained 4.5%.
