Basrah crude ends week lower

Shafaq News- Baghdad

Basrah Heavy and Basrah Medium crude grades closed the week in negative territory despite gains in the final trading session.

Basrah Heavy rose 64 cents on Friday to settle at $67.47 per barrel, but recorded a weekly loss of 67 cents, or 0.98%.

Basrah Medium gained 34 cents in the last session to reach $70.39 per barrel, posting a weekly decline of 97 cents, equivalent to 1.38%.

Globally, oil prices fell on Friday after the United States and Iran extended talks over Tehran’s nuclear program, easing concerns about potential hostilities that could disrupt supplies.

For the week, Brent crude was on track to decline 1.8%, while US West Texas Intermediate (WTI) was set to fall around 2.2%, trimming part of the gains recorded in the previous week.