Shafaq News/ Iraq’s Basrah crude oil recordedsharp weekly losses for the second consecutive week, despite closing higher inthe latest trading session on Friday.
Basrah Heavy rose by $1.44 on Friday, ending thesession at $61.69 per barrel. However, it registered a weekly decline of $5.28,or 7.88%.
Basrahl Medium also gained $1.44 during Friday’ssession, closing at $70.02 per barrel. It posted a weekly loss of $5.18,equivalent to 7.4%.
Global oil markets faced their second straightweek of losses, weighed down by persistent concerns over the prolonged tradetensions between the United States and China.
Brent crude slipped by more than 1% over theweek, while West Texas Intermediate (WTI) registered a similar decline. Bothmarkers had seen sharper drops of around 11% the previous week.