Basrah Crude gains over 8% with strong global oil market rally
Shafaq News/Basrah crude oil recorded weekly gains exceeding 8%, in line with the strongrally in global oil prices driven by fears of a wider conflict in the MiddleEast potentially disrupting crude flows.
Basrah Heavycrude concluded its latest session on Friday with an increase of $2.27, closingat $72.48 per barrel, marking a weekly gain of $6.34, or 8.47%.
BasrahMedium rose by $2.27 in the same session, closing at $75.48 per barrel, with aweekly increase of $6.34, or 8.11%.
Global oilprices also saw substantial weekly gains, with Brent crude advancing 9.1% andWest Texas Intermediate (WTI) posting similar gains above 9%.
Investorsare weighing the possibility of broader conflict in the Middle East, whichcould disrupt oil flows, despite the current ample supply in the global market.
