Basra Crudes Decline Amidst Global Oil Price Surge

Basra's Heavy and Medium crude oil grades recorded significant weekly losses, despite the rise in global oil prices at the close of the week's trading. This followed a period of market volatility over the past few days. Basra Heavy crude saw a decline of $1.89 per barrel, or 3.25%, in its latest trading session, closing at $56.21 per barrel. Its weekly loss amounted to $9.61, equivalent to 14.60% compared to its level at the start of the week. Similarly, Basra Medium crude decreased by $1.89 per barrel, representing a 3.13% drop, to close at $58.51 per barrel. This grade recorded a weekly loss of $9.61, which is 14.11% when measured against its opening level for the week. Conversely, global crude oil futures concluded the week's trading with gains. Brent crude rose by $0.98, or 1.10%, reaching $90.01 per barrel. West Texas Intermediate (WTI) crude, meanwhile, increased by $1.22, or 1.46%, to settle at $84.81 per barrel.