Shafaq News/ Basrah crude oil prices recorded over 6% in weekly lossesamid sharp declines in global oil prices.
On its last trading session on Friday, Basrah Heavy crude closed down 20cents at $69.57, resulting in a weekly loss of $5.47, or 6.11%. Basrah Mediumcrude also fell by 20 cents, ending at $72.72, with the same weekly loss of$5.47.
Both benchmark crudes, Brent and West Texas Intermediate (WTI), fell nearly 7% sincethe start of the week after OPEC and the International Energy Agency reducedtheir demand forecasts for 2024 and 2025. Brent crude saw a weekly loss of7.5%, while WTI recorded an 8.4% weekly decline.