Basra heavy and medium crude recorded weekly gains, despite a decline in their prices during the last trading sessions, amid the drop in global oil prices, while markets are monitoring geopolitical developments and shipping and supply disruptions in the region.
In the last trading session, Basra heavy crude fell by 80 cents per barrel, or by 0.96%, closing at 82.66 dollars per barrel, but it recorded weekly gains of 8.14 dollars, equivalent to 10.93%, compared to its level at the beginning of the week, which was 74.52 dollars.
Similarly, Basra medium crude dropped by 80 cents per barrel, or by 0.92%, closing at 85.98 dollars per barrel, recording weekly gains of 8.16 dollars, equivalent to 10.49%, compared to its level at the beginning of the week, which was 77.82 dollars.
On the global markets front, West Texas Intermediate crude fell to 90.64 dollars per barrel, down by 0.66 dollars or 0.72%, while Brent crude decreased to 95.38 dollars per barrel, down by 0.14 dollars or 0.1%.
The weekly gains of Basra crudes come despite their decline in the last session, at a time when global oil markets continue to be affected by geopolitical developments and shipping and supply disruptions in the region.