Basrah crude records slight losses in a week
Shafaq News/Basrah crude oil recorded slight weekly losses last week, while global oilbenchmarks Brent and West Texas Intermediate (WTI) also fell under pressurefrom escalating Middle East tensions.
Basrah Heavycrude concluded its latest session on Friday with an increase of $1.13, closingat $69.11 per barrel, marking a weekly loss of $0.36, or 0.52%.
BasrahMedium rose by $1.13 in the same session, closing at $72.26 per barrel, with a weeklyloss of $0.36, or 0.50%.
Global oilprices recorded weekly losses as geopolitical tensions rose, with reportsindicating that Iran may launch a retaliatory strike against Israel in thecoming days, threatening potential supply disruptions.
Brent crudeposted a 3.8% weekly loss, while WTI recorded a 3.2% decline over the sameperiod.
Despite therecent drop, both Brent and WTI saw monthly gains in October, with Brent up 2%and WTI rising 2.2%, supported by geopolitical factors in the Middle East andanticipation around the upcoming US elections.
