Basrah crude records slight gain over the week

Shafaq News/ Basrah crude oil recorded slight gains over the past week, with similar weekly gains noted for both Brent crude and West Texas Intermediate (WTI) crude.

Basrah Heavy crude concluded its latest session on Friday with a decrease of $0.11, closing at $69.75 per barrel, marking a weekly gain of $0.58, or 0.93%.

Basrah Medium also fell by $0.11 in the same session, closing at $72.90 per barrel, with a weekly gain of $0.64, or 0.89%.

Global oil prices fell by more than 2% at the close of trading on Friday, as the anticipated impact of a Gulf of Mexico hurricane lessened significantly.

Despite the recent drop, oil prices posted weekly gains, reflecting broader market trends. Brent crude recorded a weekly gain of 1%, while US West Texas Intermediate (WTI) crude rose by 1.3% over the week.