Basrah Crude Prices Slip Despite Late Session Gains

Basrah crude oil prices declined over the past week, despite a small increase in the final trading session. Basrah Heavy and Medium crude dropped by $1.42 a barrel, or 2.56% and 2.49%, respectively.

The weekly losses occurred despite gains in the last trading day, where Basrah Heavy rose to $54.79 and Basrah Medium reached $57.09 after increases of $2.16 a barrel, or 4.10% and 3.92%, respectively.

Global oil prices also ended lower with West Texas Intermediate falling by $0.23, or 0.30%, to $77.06 a barrel, while Brent declined by $0.30, or 0.36%, to $82.19.