Basra crude posts weekly decline despite Friday session gain

BASRA, Iraq — Basra Medium and Heavy crude oil closed the week lower, even as both grades ended Friday's session higher. Heavy crude rose 4.10 percent on the day to settle at $54.79 a barrel, but finished the week down $1.42, or 2.56 percent, from the previous Friday. Medium crude climbed $2.16, or 3.92 percent, on the day to close at $57.09 a barrel, posting a weekly decline of $1.42, or 2.49 percent. Global benchmarks moved in the opposite direction on Friday. Brent crude fell 0.30 dollars, or 0.36 percent, to $82.19 a barrel, while West Texas Intermediate lost 0.23 dollars, or 0.30 percent, to $77.06 a barrel. Oil prices traded in a volatile range through the week. The weekly losses in Basra grades reflected declines earlier in the week that outweighed Friday's recovery, leaving both contracts lower compared with the previous Friday's close.