Basrah Crude Prices Decline Amid Week-Long Losses Despite Late Rally

Basrah crude oil prices experienced losses over the past week, despite a surge in prices during the final trading session. The Basrah Heavy and Medium crudes posted weekly declines of $1.42 and $1.42 per barrel, respectively, representing decreases of 2.56% and 2.49%. This contrasts with the rising trend seen in the final session.

In the last trading day, Basrah Heavy and Medium crude prices rose by $2.16 a barrel each, reaching $54.79 and $57.09 per barrel, respectively. However, global oil futures ended lower overall.

West Texas Intermediate fell $0.23, or 0.30%, to settle at $77.06 a barrel, while Brent declined $0.30, or 0.36%, to close at $82.19.