Basrah Crude records new gains in a week

Shafaq News/ Basrah's heavy and medium crude oils registered weekly gains, coinciding with global oil prices rising for the second week in a row.

Basrah Heavy crude concluded its latest session on Friday with an increase of $1.54, closing at $74.1 per barrel, marking a weekly gain of $2.74, or 1.73%.

Basrah Medium rose by $1.49 in the same session, closing at $77.25 per barrel, with a weekly increase of $2.59, or 1.86%.

Global oil prices also posted weekly gains for the second straight week, as investors weighed the impact of hurricane damage on US demand against the potential for widespread supply disruptions if Israel targets Iranian oil.

Brent crude recorded a weekly gain of 1.3%, while US West Texas Intermediate (WTI) posted a 1.6% gain over the same period.