Iraq’s Basrah crude benchmarks closed the week lower, tracking declines across global oil markets.
Basrah Heavy fell 52 cents in its final session on Friday to $56.37 a barrel, recording a weekly loss of $1.36, or 2.36%.
Basrah Medium also slipped 52 cents to $58.92, ending the week down 46 cents, or 0.77%.
On a weekly basis, Brent crude declined 1.3%, while US West Texas Intermediate fell 1.4%.
Analysts widely expect a global oil supply surplus next year, driven by higher output from OPEC+ members as well as the United States and other producers.
