Basra crude suffers weekly losses after the decision to extend production cuts

Basra crude oil suffered weekly losses after the OPEC+ decision to extend production cuts, with global oil recording weekly losses for the third week in a row. Basra Heavy crude closed in its last session, yesterday, Friday, at an increase of $1.07, reaching $77.88, and recorded weekly losses amounting to $2.84, equivalent to 3.52%. While Basra Average crude closed in the last session, at an increase of $1.07, reaching $80.83, and also recorded weekly losses amounting to $2.84, or the equivalent of 3.39%.. At the end of yesterday, Friday, the prices of futures contracts for standard Brent crude, for the month of August 2024, fell by 0.3%, to reach $79.62 per barrel, and recorded weekly losses of 1.8%. At the same time, US West Texas Intermediate crude futures contracts for July 2024 decreased by 0.02%, reaching $75.53 per barrel, and recorded weekly losses of 1.9%. Source: National Iraqi News Agency