Basrah crude records weekly gains
2024-11-23T06:17:53+00:00
Shafaq News/ Iraq’s Basrah crude logged weekly gains mirroring the global oil markets.
Basrah Heavy closed Friday's trading session $1.6 higher at $69.29 a barrel, marking a weekly gain of $3.37 or 3.95%.
Basrah Medium rose $1.6 to settle at $72.44 per barrel, achieving a weekly increase of $3.37 or 3.77%.
Global crude benchmarks also rallied. Brent crude posted a weekly gain of 5.8%, while US West Texas Intermediate (WTI) crude climbed 6.4%.
Analysts attributed the uptick to escalating geopolitical tensions, including the intensifying Ukraine war and Russian President Vladimir Putin's warnings of a potential global conflict.
