Basra crude ends week lower, tracking global oil market decline

BASRA, Iraq — Iraq's Basra heavy and medium crude grades posted weekly losses, tracking a broader pullback in global oil markets. Basra heavy crude settled at $60.09 a barrel in the final session of the week, down 16 cents, or 0.27%, from the previous close, bringing its weekly decline to 96 cents, or 1.57%. Basra medium crude dropped $5.16, or 8.28%, to $57.19 a barrel, leaving it down $5.96, or 10.42%, from the start of the week. Global benchmarks edged higher in the day's trading despite the weekly downtrend. Brent crude rose 32 cents, or 0.45%, to $72.12 a barrel, while West Texas Intermediate added 9 cents, or 0.13%, to $68.78 a barrel. The daily gains were not enough to offset the broader pressure weighing on oil markets through the week. The same downward pressure was reflected in Iraq's Basra pricing, leaving both grades lower for the week.