Iraq’s Basrah crude ended the week down more than 23%, despite gains in the final trading session and higher benchmark crude futures.
Basrah Heavy crude climbed by $2.59, or 4.88%, in the final session to settle at $55.66 per barrel, but recorded a weekly loss of $18.46, or 24.91%, from $74.12 at the start of the week.
Basrah Medium crude rose by $2.59, or 4.54%, to close at $59.66 per barrel, posting a weekly loss of $18.44, or 23.61%, from its opening level of $78.10.
Brent crude futures settled at $97.48 per barrel, down 81 cents, or 0.82%, while US West Texas Intermediate crude (WTI) declined 16 cents, or 0.18%, to finish at $90.36 per barrel.
