Basra oil achieves unprecedented weekly gains due to the scarcity of supply

0
23
Basra oil achieves unprecedented weekly gains due to the scarcity of supply

The price of Basra crude saw a notable increase as a result of a limited supply following supply cuts by Saudi Arabia and OPEC nations.

On Friday, Basra Heavy crude closed with a 54-cent increase, reaching $81.79. It also recorded a weekly gain of $3.75, which is equivalent to 4.81%.

In its last session, Basra Intermediate crude closed with a 54 cent increase, reaching $84.84 and recording weekly gains of $3.15, which is equivalent to 3.85 percent.

Brent crude ended its last session on Friday with a 75 cent increase, reaching a price of $84.99. This resulted in a weekly gain of $3.92, equal to a percentage increase of 4.84%.

In the previous session on Friday, West Texas Intermediate (WTI) crude closed at $80.58 per barrel, reflecting an increase of 49 cents. Moreover, it had a weekly gain of $3.51 or 4.55%. The week ended on a high note for WTI crude.