Basrah crudes record losses for fifth consecutive week

Shafaq News/ Basrah crude oil recorded losses for the fifth consecutive week, while global oil prices saw their first gains after four weeks of decline.

Basrah Heavy crude concluded its latest session on Friday with an increase of $0.79, closing at $73.58. This downturn resulted in a weekly loss of $ 3.36 or 2.17‎%.

Basrah Medium crude edged higher by $0.79, settling at $76.85 in its recent session, and registered a weekly loss of $2.8 or 2.46‎%.

Globally, Brent crude saw a weekly increase of 3.7%, while West Texas Intermediate (WTI) crude gained 4.5%. These gains were supported by concerns over possible disruptions to oil supply due to the heightened geopolitical risks in the region.