Basrah crudes post weekly loss

Shafaq News/ Shafaq News / Basrah crude oil recorded a decline over the past week, marking its second consecutive weekly loss.

On Friday, Basrah Heavy Crude closed its last session with a 44 cents gain, reaching $74.98. It recorded a weekly loss of $3.45, equivalent to 4.4%.

Basrah Medium Crude closed its last session with a 44 cents increase, settling at $78.23. It also saw a weekly drop of $3.45 or 4.22%.

Brent crude futures settled up 21 cents, or 0.27%, to $78.50 a barrel. US West Texas Intermediate crude (WTI) settled up 4 cents, or 0.05%, to $74.66.

For the week, the Brent and WTI benchmarks had settled 2.1% and 2.9% lower, respectively, and marked the second straight week of losses as the markets expect the proposed tariffs would drive up fuel prices for Americans and hit global economic growth and demand for energy.