Basra Heavy and Medium crudes recorded notable weekly gains, despite declining in the final trading sessions, amid a divergence between current data showing a drop in Iraqi crudes and subsequent data recording an increase in global oil prices.
Basra Heavy crude closed down by 92 cents (1.51%), reaching $61.38 per barrel. Despite this decline at the end of the session, the crude achieved weekly gains of $6.59 (12.03%) compared to its price at the start of the week, which was $54.79.
In the same context, Basra Medium crude fell by 94 cents (1.43%) to close at $64.68 per barrel, yet it ended the week with gains of $7.59 (13.29%) compared to its opening level of $57.09.
Globally, indicators trended upwards; West Texas Intermediate (WTI) crude rose to $82.28 per barrel, an increase of $1.03 (1.27%), and Brent crude climbed to $88.37 per barrel, up by $1.30 (1.49%), while Murban crude recorded $88.02 per barrel.
These weekly gains for both Basra crudes were supported by positive increases during the early sessions of the week, while global energy markets continue to be directly affected by geopolitical developments and disruptions to maritime shipping in the region.
