Basra crude suffers slight weekly losses

Basra Heavy crude oil recorded slight losses, while medium crude oil recorded slight gains during the past week, with global oil recording gains for the fourth week in a row. Basra Heavy crude closed in its last session yesterday, Friday, with a decline of 42 cents, reaching $82.98, and recorded weekly losses of 73 cents, equivalent to 0.87%. While Basra Average crude closed in its last session with a decline of 42 cents, reaching $85.56, and recorded weekly gains of 27 cents, or the equivalent of 0.87%. Brent crude recorded weekly gains of 1.8%, while West Texas Intermediate crude recorded gains of 2%, and the prices of the two standard crude oils (Brent and West Texas Intermediate) rose by 7% and 9%, respectively, over the past four weeks, with hopes for increased demand rebounding. During the summer, supplies declined supported by OPEC+ cuts. Source: National Iraqi News Agency