Shafaqnews/ Basra crude oil experienced significant losses this week, with prices plummeting due to various economic factors.

Basra Heavy crude closed its last session on Friday with a decline of $1.60, reaching $80.79, reflecting a weekly loss of $10.92, equivalent to a substantial 11.91%.

Similarly, Basra Intermediate also closed lower, dropping by $1.60 to $94.66. This resulted in weekly losses of $10.82, representing a significant 11.43% decrease in value.

Brent crude closed its last session on Friday with a modest increase of 51 cents, reaching $84.58. However, it still incurred weekly losses of $9.35, equivalent to a 9.95% decrease.

US West Texas Intermediate crude experienced a slight rise of 48 cents, closing at $1 per barrel on Friday. Nevertheless, it suffered weekly losses of 7.89 cents, marking an 8.79% decline in value.

The decline in oil prices is attributed to concerns about a potential global economic slowdown, leading to reduced demand for fuel. These fears are compounded by ongoing high interest rates, raising uncertainties about the future of oil markets amidst a changing economic landscape.