Basra: Basra Heavy and Medium crude oil prices recorded losses for the second consecutive week, with global oil prices stabilizing. Basra Heavy crude oil closed at $63.74 per barrel, recording a decrease of $1.76, and a weekly loss of $1.07, equivalent to 1.65%. Basra Medium crude oil also closed at $66.84 per barrel, recording a weekly decrease of $3.27, equivalent to 2.01%.

According to National Iraqi News Agency, oil prices stabilized at settlement on Friday evening, with the United States’ threats to impose sanctions on Russian crude oil not materializing. West Texas Intermediate crude rose 0.5% to settle below $63 a barrel, after earlier rising by 2.6%.