Basrah crude records weekly losses exceeding 3% with global oil decline
Shafaq News/Basrah crude oil recorded weekly losses exceeding 3%, mirroring a global dip inoil prices, despite modest gains in the final trading session.
Basrah Heavycrude concluded its latest session on Friday with a increase of $0.04, closingat $66.82. This downturn resulted in a weekly loss of $3.43, or 3.7%.
BasrahMedium crude edged higher by $0.04, settling at $69.82in its recent session,and registered a weekly loss of $3.11, or 3.7%.
The declinein Basrah crude aligns with global trends, as oil prices experienced a weeklydownturn. Investors focused on the potential for increased production fromLibya and the OPEC+ alliance, despite new economic stimulus measures fromChina, the world's largest oil importer.
Brent crudeended the week down by 3.3%, while West Texas Intermediate (WTI) saw a largerdrop of 3.9%.
