Basra Heavy and Basra Medium crude oil both ended last week lower, following a broader decline in global oil prices, including Brent and West Texas Intermediate (WTI) crude.
Basra Heavy crude dropped by 56 cents in the final trading session, closing at $103.86 per barrel. Over the week, it lost $2.31 in value, marking a decline of about 2.18%.
Basra Medium crude also fell by 56 cents to close at $106.96 per barrel. Its weekly losses reached $1.31, or around 1.21%.
The decline comes as global oil markets continue to face price fluctuations due to changing expectations around supply and demand. Iraq’s oil export prices to Europe and the United States are linked closely to Brent and WTI benchmarks, making them directly affected by movements in international markets.
