Basrah crude posts weekly loss of over 3%

Shafaq News – Baghdad

Iraq’s Basrah Heavy and Basrah Medium crude grades both ended the week with losses of more than 3 percent.

Basrah Heavy fell by $0.38 on Friday to close at $64.81 per barrel, posting a weekly decline of $2.10, or 3.14 percent. Basrah Medium closed at $70.11 per barrel, down $0.38 on the day and $2.11 for the week, a loss of 3.01 percent.

International benchmarks also retreated. Brent futures dropped $1.44, or 2.15 percent, to settle at $65.55 a barrel. US West Texas Intermediate (WTI) fell $1.61, or 2.54 percent, to $61.87 a barrel.