Basra crude posts weekly losses despite Friday session gain

BASRA, Iraq — Basra heavy and medium crude closed the week lower even after posting gains in the final trading session. Basra heavy, which started the week at $79.89, rose 2.29% on Friday to settle at $74.52, registering a weekly loss of $5.37, or 7.21%. Basra medium, which opened the week at $83.19, gained 2.19% in the same session to finish at $77.82, down $5.37, or 6.90%, for the week. The price moves tracked declines in global benchmarks, with West Texas Intermediate slipping $0.08 to $83.46 and Brent falling $0.33 to $89.37. The weekly losses were recorded against a backdrop of continued geopolitical developments and shipping disruptions affecting the global oil market. Iraqi oil pricing typically follows movements in international benchmarks, with Basra grades sold to buyers in Asia and other regions. Further details on near-term price direction were not immediately available.