Basra heavy and medium crude ended the week with losses, as their prices fell in the last trading sessions, coinciding with a decline in global oil prices, while markets are monitoring geopolitical developments and disruptions in shipping and supplies in the region.
Basra heavy crude dropped by 80 cents per barrel, or 0.88%, to close at $90.27 per barrel, recording a weekly loss of $5.84, equivalent to 6.47%, compared to its level at the beginning of the week of $96.11.
Basra medium crude also declined by 80 cents per barrel, or 0.85%, to close at $93.57 per barrel, marking a weekly loss of $5.84, equivalent to 6.24%, compared to its level at the beginning of the week of $99.41.
In global markets, West Texas Intermediate crude reached $100.89 per barrel, down $1.02, or 1.00%, while Brent crude recorded $103.77, down $1.05, or 1.00%.
The weekly loss for Basra crudes comes amid a decline in global oil prices, at a time when markets continue to be affected by geopolitical developments and disruptions in shipping and supplies in the region.