Basrah crudes see weekly gains amid global oil surge

Shafaq News/ Basrah's Heavy and Medium crude oils posted weekly gains last week, while global oil prices closed higher.

On Friday, Basrah Heavy Crude closed its last session with a 10-cent decline, reaching $68.31. However, it recorded a weekly gain of $1.02, equivalent to 1.52%.

Similarly, Basrah Medium Crude closed its last session with a 10-cent decline, settling at $71.41. It also saw a weekly gain, albeit modest, of 11 cents or 0.15%.

Both benchmark crudes, Brent and West Texas Intermediate (WTI), also recorded strong weekly gains amid concerns about supply disruptions due to tightened sanctions on Russia and Iran, and hopes that Chinese economic stimulus measures will boost demand.

Brent crude posted a weekly gain of 4.5%, while WTI saw a gain of 6%.