Basra crude records losses for the fifth week in a row

Basra crude "heavy and medium" recorded losses for the fifth week in a row, at a time when global oil prices recorded the first gains after four weeks of losses. Basra heavy crude closed in its last session yesterday, Friday, up 79 cents to reach $ 73.58, and recorded weekly losses of $ 3.36, equivalent to 2.17%. While Basra medium crude closed in its last session up 79 cents to reach $ 76.85, and recorded weekly losses of $ 2.8, equivalent to 2.46%. Global oil prices recorded weekly gains driven by escalating geopolitical tensions in the Middle East and their potential impact on supply, which supported oil prices. Brent recorded weekly gains of 3.7%, while West Texas Intermediate crude recorded weekly gains of 4.5%. Source: National Iraqi News Agency