Basrah crudes tick lower for 3rd week in a row

Shafaq News / Basrah crude achieved minor weekly losses for the third consecutive week, despite global oil prices recording a 2% weekly gain.

Basrah Heavy crude closed its last session on Friday with an increase of 68 cents, reaching $86.13. However, it recorded weekly losses of 38 cents, equivalent to 0.44%.

Meanwhile, Basrah Medium crude closed its last session with a decrease of 68 cents, reaching $89.33. It also recorded weekly losses of 44 cents, or 0.49%.

This comes as global oil prices rose at the end of trading on Friday, continuing to gain for the second consecutive session, also achieving weekly gains for the first time in 3 weeks.

Over the past week, both Brent and West Texas Intermediate rose by about 2.5% and 0.8% respectively.