Basra Heavy and Medium crude oil concluded the week by recording notable losses, influenced by a general decline in global oil prices. This drop followed a significant decrease exceeding $9 per barrel in the final trading sessions. In detail, Basra Heavy
crude closed the week at $81.07 per barrel, registering a decline of $8.57, or 9.56%, in its closing trading sessions. Its weekly loss amounted to $9.20, equivalent to 10.19%, compared to its price of $90.27 at the beginning of the
week. Meanwhile, Basra Medium crude also saw a decline, closing at $84.37 per barrel, a decrease of $8.57, or 9.22%, in the last trading session. It recorded a weekly loss of $9.20, equivalent to 9.83%, compared to its level of $93.57
at the start of the week. In the global markets, the price of West Texas Intermediate (WTI) crude reached $100.89 per barrel, falling by $1.02, or 1%. Brent crude recorded $103.77, declining by $1.05, or 1%. These weekly losses for Basra's crude
oils are attributed to the continuous decline in global oil prices, amidst the ongoing impact of geopolitical developments and disruptions to shipping and supply movements in the region.
