Basra Crude Grades Suffer Steep Weekly Losses Despite Late Trading Recovery

Basra Heavy and Basra Medium crude ended the week with significant losses, despite recording gains in the final trading session, while global oil benchmarks posted slight increases ahead of the close.

Basra Heavy crude rose by $2.84 per barrel, or 6.23%, in the final session to close at $48.41. However, it recorded a weekly decline of $7.25, equivalent to 14.98%, compared with its opening-week price of $55.66 per barrel.

Meanwhile, Basra Medium crude gained $2.84 per barrel, or 5.73%, to settle at $52.41. Despite this daily recovery, it posted a weekly loss of $7.25, representing a 13.83% decline from its opening price of $59.66 per barrel.

In international markets, West Texas Intermediate (WTI) crude edged up by $0.05, or 0.06%, to reach $88.79 per barrel.

Brent crude also advanced by $0.14, or 0.15%, to settle at $95.96 per barrel.

Additionally, the OPEC Reference Basket rose by $1.01, or 1.16%, reaching $87.79 per barrel.