Basrah Crude sees fourth consecutive weekly losses
2024-05-04T07:05:46+00:00
Shafaq News/ Global oil markets fluctuated this week. Basrah crude recorded its fourth consecutive week of losses, contributing to the largest weekly drop in global oil prices in three months.
Basrah Heavy crude concluded its latest session on Friday with a decline of $1.19, closing at $81.28. This downturn resulted in a weekly loss of $4.63 or 5.63%.
Basrah medium crude dropped by $1.19, settling at $84.84 in its recent session. Its weekly losses amounted to $4.49 or 5.3%.
The global market also faced substantial declines, recording its steepest weekly loss due to uncertainties surrounding global demand and easing geopolitical tensions in the Middle East, alleviating concerns about supply disruptions.
