Basra Heavy and Basra Medium crude oil ended the week sharply lower as global oil prices continued to fall.
Basra Heavy crude dropped $8.57 per barrel, or 9.56%, in the latest trading session to close at $81.07 per barrel. Over the week, it lost $9.20 per barrel, down 10.19% from its opening level of $90.27.
Basra Medium crude also fell $8.57 per barrel, or 9.22%, closing at $84.37 per barrel. For the week, it lost $9.20 per barrel, a decline of 9.83% from $93.57 at the start of the week.
In global markets, U.S. West Texas Intermediate crude settled at $100.89 per barrel, down $1.02 or 1%, while Brent crude closed at $103.77 per barrel, down $1.05 or 1%.
The drop in Basra crude prices came as global oil markets remained under pressure. Traders continue to watch geopolitical developments and ongoing disruptions to shipping routes and supply chains across the region, which are adding uncertainty to the market.
