Basra's heavy, intermediate crudes post weekly gains despite choppy trade on Friday
Shafaq News/ Global crude oil markets experienced an upswing this week, with both Basra Heavy and Medium crudes notching gains exceeding 2% driven by a worldwide surge in oil prices.
In its final trading session, Basra Heavy crude oil encountered a 26-cent decrease, settling at a price of $82.36 per barrel. Despite this decline, the commodity achieved weekly gains amounting to $1.73, equivalent to a 2.15% increase.
Simultaneously, Basra intermediate crude oil witnessed a 26-cent dip, culminating in a closing price of $85.84 per barrel. Nevertheless, it too recorded noteworthy weekly gains of $1.74 or 2.06%.
Concurrently, Brent crude oil observed a 22-cent increment in its latest session, closing at a robust $86.31 per barrel and amassing weekly gains of $1.19 or 1.4%. West Texas Intermediate (WTI) crude oil experienced a 36-cent ascension, terminating at $82.52 per barrel, with a substantial weekly accrual of $6.75 or 8.91%.
The upturn in crude oil prices is primarily attributable to the mitigation of concerns surrounding escalating inflation and its ramifications on energy demand levels. In its monthly report, the International Energy Agency (IEA) forecasts a contraction in global oil supply by 400,000 barrels per day by year-end. The IEA additionally underscored a projected augmentation in production amounting to 1 million barrels per day from non-OPEC+ nations commencing in March, contrasting with the 1.4 million barrels per day reduction by the group's member countries.
The agency also issued a warning that the considerable production curtailments proclaimed by OPEC+ member nations could potentially intensify the oil supply deficit and inflict detrimental consequences on consumers.
