Basrah crudes tick lower, mirrors global oil dip
2024-04-20T09:05:21+00:00
Shafaq News / Basrah crude oil recorded minor weekly losses for the second consecutive week, mirroring a similar 3.5% decline in global oil prices.
Basrah Heavy crude closed its final session on Friday with a decrease of $1.64 to reach $86.51, marking a weekly loss of 82 cents or 0.95%.
Similarly, Basrah Medium crude closed its last session with a $1.64 decrease, reaching $88.89, also registering a weekly loss of 82 cents or 0.91%.
Global oil prices retreated this week as adverse economic conditions dampened investor sentiment, curtailing gains from geopolitical tensions. Market attention is focused on Israel's response to the Iranian attack, with Brent and Texas crude recording weekly losses of 3.5% and 3%, respectively.
