Basrah crudes dip amid global oil decline
2024-11-16T06:07:09+00:00
Shafaq News/ Basras’s Heavy and Medium crude oils experienced significant weekly losses last week, in line with declines seen in global benchmarks Brent and West Texas Intermediate (WTI).
Basrah Heavy crude closed its last session on Friday at $66.66 per barrel, down by $0.11. The grade recorded a weekly loss of $3.90, equivalent to 4.43%. Similarly, Basrah Medium crude ended Friday’s session at $69.81 per barrel, also down by $0.11, with a weekly decline of $3.90 or 4.24%.
Global oil markets also faced downward pressure over the week, driven by concerns about weakening demand. Brent crude posted a weekly loss of 3.8%, while WTI saw a sharper decline of 4.77%.
