Basrah crude records weekly gains mirroring global markets

Shafaq News/ Basrah Crude recorded weekly gains of more than 1.5% during the past week, with global oil also recording weekly gains for Brent and West Texas Intermediate crude oil.

Basrah Heavy crude concluded its latest session on Friday with an increase of $1.60, closing at $83.71. This downturn resulted in a weekly gains of $1.60 or 1.14%.

Basrah Medium crude rose by $1.69, settling at $85.56 in its recent session. Its weekly gains amounted to $1.60 or 1.14%.

Global oil markets notched their third consecutive weekly gain, buoyed by growing expectations that the US Federal Reserve will soon initiate interest rate cuts, bolstering fuel demand.

Both benchmark crudes, Brent and West Texas Intermediate, saw monthly increases of around 5.9% each. However, over the second quarter of 2024, West Texas Intermediate recorded losses of about 1.9%, while Brent crude declined by 1.2%.