Iraqi crude oil prices ended the week lower despite a modest recovery in global oil markets during the latest trading session.
Basra Heavy crude slipped by 16 cents in its most recent session, closing at $60.09 per barrel. The grade recorded a total weekly loss of 96 cents as market pressures continued to weigh on prices throughout the week.
Basra Medium crude experienced a sharper decline. The benchmark fell by $5.16 in the latest session to settle at $57.19 per barrel, bringing its total weekly loss to $5.96.
Meanwhile, global oil prices posted slight gains in daily trading. Brent crude rose to $72.12 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed to $68.78 per barrel.
Despite these daily increases, both international benchmarks remain on track for weekly declines, reflecting continued uncertainty in global energy markets and concerns about future demand and supply conditions.
The weakness in global oil prices has also affected Iraqi crude exports, contributing to the weekly losses recorded by both Basra Heavy and Basra Medium grades.
Oil traders continue to monitor geopolitical developments, production levels, and global economic indicators, all of which are expected to play a key role in determining the direction of energy markets in the coming weeks.
