Basrah crude posts sharp weekly losses as oil prices decline
Shafaq News/ Basrah crude benchmarks recorded significant losses overthe past week, tracking a broader decline in global oil prices amid rising UScrude inventories and an OPEC+ decision to increase output.
Basrah Heavy crude settled at $76.78 per barrel in its last tradingsession on Friday, down by just one cent for the day but posting a weekly lossof $4.67, or 6.45%. Basrah Medium crude also closed one cent lower at $70.83per barrel, marking a weekly decline of $4.37, or 5.81%.
Global oil benchmarks also saw sharp losses, with Brent crude and USWest Texas Intermediate (WTI) both falling by more than 5% for the week. Brentcrude closed at $70.36 per barrel, while WTI settled at $64.40 per barrel.
Brent prices fell to their lowest levels since December 2021 following arise in US crude inventories and the decision by the Organization of thePetroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to proceedwith planned production increases.
The OPEC+ alliance confirmed it would move forward with its scheduledoutput hike in April, adding 138,000 barrels per day to the market.
