Basrah Heavy and Medium crude oil prices closed with modest weekly losses despite a positive rebound in the final session, coinciding with a rise in global oil benchmarks (Brent and WTI).
Iraq's Basrah Heavy and Medium crudes ended their weekly trading slightly lower, despite posting positive gains by the close of the trading sessions, driven by a broader rally across global oil and energy markets.
Performance of Basrah Heavy and Medium at Session Close
Iraqi crude grades showed a contrast between daily gains in the final session and overall weekly performance:
Basrah Heavy: Gained approximately $1.09 per barrel (up 1.49%) in the final session to reach $74.12 per barrel.Despite this uptick, the crude posted a weekly loss of $0.10 (down 0.13%) compared to $74.22 per barrel at the start of the week.
Basrah Medium: Posted a similar late-session rise of $1.09 per barrel (up 1.42%) to close at $78.10 per barrel,recording a minor weekly loss of $0.12 (down 0.13%) compared to its weekly opening price of $78.22 per barrel.
Rise in Global Oil Prices
The rebound in Basrah grades ran parallel to a notable surge in crude oil futures across international markets:
Brent Crude: Rose by $2.53 per barrel—an increase of 2.20%—to settle at $117.41 per barrel.
West Texas Intermediate (WTI): Gained $2.02 per barrel, or 1.98%, to reach $104.07 per barrel.
