Basra Crude Grades Register Significant Weekly Losses

The prices of Basra Heavy and Medium crude grades recorded significant weekly losses exceeding 12%, despite experiencing a rebound in the final trading sessions. Basra Heavy crude saw a recovery of $2.37 in its last trading session, closing at $50.48 per barrel and achieving a daily gain of 4.94%. Nevertheless, this crude grade incurred a weekly loss amounting to $7.66, equivalent to 13.2% compared to its levels at the beginning of the week. Similarly, Basra Medium crude rose by $2.37 to reach $52.58 per barrel, marking a daily increase of 4.72%, but concluded the week with losses totaling $7.66, representing 12.7%.