Basrah Crude Prices Plummet Over 7% on Week Despite Friday Gains

Basrah Heavy and Basrah Medium crude oil grades in Iraq have ended the week down over 7% despite both increasing in value on Friday. According to Shafaq News, Basrah Heavy gained $4.94 per barrel to reach $74.75 per barrel but still posted a weekly loss of $6.32 or 7.80% from its opening price of $81.07. Basrah Medium also rose $4.94 to $78.05 per barrel but had a weekly loss of $6.32 or 7.49% from $84.37 at the start of the week.

Global markets showed similar trends with US West Texas Intermediate falling $2.81 or 3.03% to $90.06 per barrel, while Brent crude declined $1.76 or 1.72% to $100.55.