Shafaq News/ Basra crude closed with a significant weekly loss of more than 6% due to the drop in global oil prices.
Basra Heavy crude closed at $79.96, down 5.4 dollars or 6.56% for the week. Basra Intermediate crude closed at $80.51, down 5.33 dollars or 6.21% for the week.
Brent crude closed at $81.66, up 56 cents in the last session, but recorded a weekly loss of $4.65 or 5.39%.
West Texas Intermediate (WTI) crude closed at $77.87 a barrel, up 50 cents in the last session, but recorded a weekly loss of $4.65 or 5.63%.
The decline in crude oil prices was due to weak US economic data and an increase in US fuel inventories, which raised concerns about stagnation and a slowdown in demand for oil.