Iraq’s Basrah crude prices ended the week lower, following the broader drop in global oil markets.
Basrah Heavy fell by 52 cents on Friday, closing at $56.37 a barrel. Over the whole week, it lost $1.36, which is a drop of about 2.36%.
Basrah Medium also slipped by 52 cents to $58.92 a barrel. For the week, it was down 46 cents, or roughly 0.77%.
The weakness wasn’t limited to Iraq. Brent crude fell about 1.3% over the week, while U.S. West Texas Intermediate dropped around 1.4%.
Analysts say prices are under pressure because many expect the global oil market to face a supply surplus next year, as production rises from OPEC+ countries, the United States, and other major producers.
