Basra Crude Posts Strong Gains on Saudi Arabia and OPEC Supply Reductions
Shafaq News/ Basra crude oil prices surged due to supply cuts implemented by Saudi Arabia and OPEC member nations. This strategic reduction in supply propelled prices upwards, culminating in a robust finish to the trading week.
Basra Heavy crude displayed a remarkable performance, wrapping up its previous session on Friday with a notable increase of $1.30, achieving a closing price of $86.22 per barrel. The session's impressive showing translated into a weekly gain of $4.43, reflecting a substantial rise of 5.42%.
Basra Intermediate crude also demonstrated a noteworthy surge in its closing session, marking a $1.45 climb to a closing price of $89.52 per barrel. This weekly surge amounted to gains of $4.68, equivalent to a substantial 5.52%.
Brent crude experienced a modest yet significant rise of 41 cents in its last session on Friday, reaching a closing price of $86.24 per barrel. The weekly performance of Brent crude translated into a gain of 57 cents, reflecting a growth of 0.66%.
West Texas Intermediate (WTI) crude joined the upward trajectory, capping off the week with a 37-cent uptick in its last Friday session, culminating in a closing price of $83.19 per barrel. The weekly progress for WTI crude amounted to an increase of $0.37, signifying a rise of 0.45%.
