Basra crude oil posted strong weekly gains despite ending the week with losses in the final trading session, as global oil markets experienced a broad decline.
Basra Heavy crude fell by $2.29 during the last trading session, closing at $69.28 per barrel. This represented a daily decline of 3.20%. However, despite the drop, the crude grade still recorded a weekly gain of $3.21 per barrel, an increase of 4.63% compared to the previous week.
Basra Medium crude followed a similar path. It also lost $2.29 in the final session, settling at $71.38 per barrel, down 3.11% on the day. Even so, it achieved a weekly gain of $3.21 per barrel, or 4.71%.
The decline was part of a wider downturn across global oil markets at the end of the week. U.S. West Texas Intermediate (WTI) crude dropped 3.25% to close at $90.02 per barrel, while Brent crude fell 2.29% to $92.85 per barrel.
Meanwhile, UAE Murban crude also moved lower, declining 2.49% to settle at $91.17 per barrel.
Although oil prices came under pressure in the final session, Basra crude still finished the week in positive territory, reflecting strong gains accumulated earlier in the week despite the broader market pullback.
