Basra crude posts weekly gain of more than 16%

BAGHDAD, Iraq — Heavy and medium grades of Basra crude recorded strong weekly gains, supported by a broad rise in global oil prices during most of the trading week. Heavy Basra crude closed at $65.82 a barrel, up $1.47, or 2.28%, on the day, bringing its weekly advance to $10.93, or 16.61%. Medium Basra crude settled at $68.12 a barrel, also up $1.47, or 2.21% on the day. Over the week, the grade gained $10.93, or 16.05%, tracking the same global rally. The gains came as international benchmarks climbed for most of the week, though selling pressure returned in the final session. West Texas Intermediate fell 3.20% to $89.24 a barrel, while Brent crude dropped 4.11% to $96.55 a barrel. Iraq, OPEC's second-largest producer, relies on Basra crude exports for the bulk of its oil revenue, making weekly price swings closely watched by Baghdad's finance ministry.