Basrah crudes plunge over 6% amid global oil declines
2024-10-19T08:18:44+00:00
Shafaq News/ Basrah crude oil prices recorded over 6% in weekly losses amid sharp declines in global oil prices.
On its last trading session on Friday, Basrah Heavy crude closed down 20 cents at $69.57, resulting in a weekly loss of $5.47, or 6.11%. Basrah Medium crude also fell by 20 cents, ending at $72.72, with the same weekly loss of $5.47.
Both benchmark crudes, Brent and West Texas Intermediate (WTI), fell nearly 7% since the start of the week after OPEC and the International Energy Agency reduced their demand forecasts for 2024 and 2025. Brent crude saw a weekly loss of 7.5%, while WTI recorded an 8.4% weekly decline.
