Basrah Crude Oils Record Closing Decline Following Significant Weekly Losses

The two Iraqi crude oils, Basrah Heavy and Medium, recorded significant weekly losses, despite closing their latest trading sessions with a decline. Global oil markets witnessed a widespread retreat, affecting Brent and West Texas Intermediate crudes, along with several other regional and international benchmarks. Basrah Heavy crude fell by $2.68 in its last trading session, closing at $58.14 per barrel, marking a daily decrease of 4.41%. Its weekly losses amounted to $11.14, equivalent to 19.16% compared to the beginning of the week. Similarly, Basrah Medium crude decreased by $2.68 to reach $60.24 per barrel, dropping by 4.26% in the last session. It registered weekly losses totaling $11.14, representing 18.49%.