Basrah crude posts weekly gains despite global oil dip
2025-08-02T05:41:55+00:00
Shafaq News – Basrah
Basrah crude grades closed lower on Friday but still recorded solid weekly gains, defying the broader decline in global oil prices.
Basrah Heavy ended the session down $1.80 at $69.28 per barrel but registered a weekly increase of $1.85, or 2.75%. Similarly, Basrah Medium fell $1.80 in its last session to $72.33 per barrel while posting a weekly gain of $1.85, equivalent to 2.62%.
Global oil prices retreated at the close of trading amid expectations of higher OPEC production and concerns that new US tariffs could weaken economic activity and dampen energy demand.
Brent crude gained 4.9% over the week, while US West Texas Intermediate (WTI) rose 6.4%.
