Basrah Crude Prices Surge Over 10%

Basrah crude oil prices have shown significant gains over the past week. Despite a decline in the final trading session, Basrah Heavy and Medium crude posted weekly increases of $8.14 and $8.16 a barrel, respectively. This translates to percentage gains of 10.93% and 10.49%. The price drop in the final session was minimal, with Basrah Heavy falling by 80 cents a barrel to settle at $82.66, while Basrah Medium declined by 80 cents a barrel to close at $85.98.

Global oil prices also moved higher during this period. West Texas Intermediate (WTI) fell by $0.66, or 0.72%, to $90.64 a barrel, and Brent crude declined by $0.14, or 0.1%, to $95.38 a barrel.