Basra crude bounces from a two-week loss


Shafaq News/ Basra crudes yielded 0.78% gains last week, bouncing from two consecutive weeks of losses amid a fluctuating market.

International oil prices continue to ebb and flow under the impact of OPEC's commitment to the self-regulated production cuts and the U.S. dollar force due to the Biden administration's pressure to release more strategic crude stockpiles.

In spite of a last-minute 27 cent drop ahead of the market closure on Friday, Basra light crude registered a gross weekly 64 gain (0.78%) to settle at $82.84.

Brent and West Texas Intermediate (WTI) shrugged 57 and 48 cents, registering $82.17 and $80.79, respectively, last week.

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