Basrah crude posts sharp weekly losses as oil prices decline

Shafaq News/ Basrah crude benchmarks recorded significant losses over the past week, tracking a broader decline in global oil prices amid rising US crude inventories and an OPEC+ decision to increase output.

Basrah Heavy crude settled at $76.78 per barrel in its last trading session on Friday, down by just one cent for the day but posting a weekly loss of $4.67, or 6.45%. Basrah Medium crude also closed one cent lower at $70.83 per barrel, marking a weekly decline of $4.37, or 5.81%.

Global oil benchmarks also saw sharp losses, with Brent crude and US West Texas Intermediate (WTI) both falling by more than 5% for the week. Brent crude closed at $70.36 per barrel, while WTI settled at $64.40 per barrel.

Brent prices fell to their lowest levels since December 2021 following a rise in US crude inventories and the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to proceed with planned production increases.

The OPEC+ alliance confirmed it would move forward with its scheduled output hike in April, adding 138,000 barrels per day to the market.