Basra crude suffers major weekly losses

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.