Basrah crude records weekly gains of over 2% with global oil market rally

Last Update: 2024-09-21 09:30:08 - Source: Shafaq News

Shafaq News/Basrah crude oil recorded weekly gains exceeding 2%, as global oil pricescontinued their upward momentum for the second consecutive week.

Basrah Heavycrude concluded its latest session on Friday with an increase of $0.49, closingat $69.39. This downturn resulted in a weekly gain of $2.30, or 2.92%.

BasrahMedium crude edged higher by $0.49, settling at $72.39 in its recent session,and registered a weekly gain of $2.30, or 2.92%.

Despite aslight decline in oil prices at the end of Friday’s trading, the market saw itssecond week of growth, supported by US interest rate cuts and declining globalinventories.

Brent crudeposted a 4% weekly gain, while West Texas Intermediate (WTI) recorded a 4.9%increase.

The rise inoil prices has been attributed to strong demand, reduced supply, andexpectations of continued market tightening.