Basra crude suffers major weekly losses

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Basra crude suffers major weekly losses

Basra crude oil experienced significant weekly losses following last week’s decline in oil prices.

Basra Heavy crude closed at $75.90, down $2.68 from Friday’s session. Weekly losses totaled $2.83 or 3.59%.

Basra Average crude closed at $78.95, down $2.68, and recorded significant weekly losses of $7.16, which is equivalent to 8.31%.

Global oil prices fell for the fourth consecutive week, driven by a rise in US crude inventories and record high production levels. This caused a loss of more than 1% in the global oil prices for the week.