Basra: Basra Heavy and Medium crude oils suffered significant weekly losses exceeding 7%. Basra Heavy crude oil closed in its last session, Friday, up $1.25 to $59.92, but recorded a weekly loss of $4.59, equivalent to 7.12%. Basra Medium crude oil also closed in its last session up $1.25 to $63.07, but recorded a weekly loss of $5.39, equivalent to 7.87%.

According to National Iraqi News Agency, oil prices fell 1% on Friday, posting their biggest weekly loss since late March, amid caution among traders ahead of the OPEC+ meeting that will decide production policy in June. The price recorded weekly losses of more than 8.6%.