Iraq's Basra crude posts 19% weekly loss as global oil prices slide

DUBAI, United Arab Emirates — Iraq's Basra Heavy and Basra Medium crude grades recorded sharp weekly declines, tracking a broader downturn in global oil markets. Basra Heavy fell $2.68 on the final trading day to settle at $58.14 a barrel, a daily drop of 4.41% and a weekly loss of 11.14 dollars, or 19.16%. Basra Medium slipped the same $2.68 to $60.24 per barrel, losing 4.26% on the day and 18.49% over the week. Benchmark international crudes also moved lower. Brent crude dropped $3.05 to $87.33 a barrel, while U.S. West Texas Intermediate fell $2.83 to $84.88. The United Arab Emirates' Murban crude lost 4.85%, Russia's Urals declined 5.61%, and the U.S. Mars grade fell 5.58%, according to the data. Elsewhere, the OPEC basket edged up 0.92% to $98.07, and Oman crude traded on the Dubai Mercantile Exchange rose 3.02% to $88.08 a barrel. Prices have remained volatile as investors continue to monitor geopolitical developments and supply-demand expectations, with no further breakdown of the latest moves immediately available.