Iraqi crude oil recorded heavy losses this week, even though prices recovered somewhat during the final trading session.
Basra Heavy crude gained $2.37 on the last trading day, closing at $50.48 per barrel, a daily increase of nearly 5%. Despite this rebound, it still ended the week down by $7.66 per barrel, marking a weekly loss of 13.2%.
Basra Medium crude also rose $2.37 in the final session to close at $52.58 per barrel, up 4.72% for the day. However, it posted a weekly decline of $7.66 per barrel, equivalent to a loss of 12.7%.
The sharp drop came as global oil markets experienced significant volatility throughout the week, driven by changing supply expectations and shifting investor sentiment.
On the international market, oil prices finished the week higher. Brent crude increased by $0.72 to settle at $80.57 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by $0.69 to close at $76.54 per barrel.
Despite the late recovery in global prices, Iraqi crude grades were among the worst performers of the week, recording losses of more than 12% and highlighting the pressure facing Iraq’s oil revenues amid ongoing market uncertainty.
