Basra oil posts weekly gains to reach 77$
Shafaq News/ The price of Basra's heavy crude climbed on a weekly basis with 0.85% loss.
Basra's heavy crude to Asian customers closed at $77.26, posting a weekly gain of $0.65.
Basra's light crude to Asian customers closed at $87.63, posting a weekly gain of $0.93 (0.99%).
Oil prices settled lower on Friday, making their weekly finish flat to lower, as indications of strong Russian oil supply offset better-than-expected U.S. economic growth data, strong middle distillate refining margins, and hopes of a rapid recovery in Chinese demand.
Brent futures settled down 81 cents, or 0.9%, at $86.66 per barrel, up just 3 cents from last week's settlement. U.S. crude fell $1.33, or 1.6 %, to settle at $79.68, 2% lower on the week.