Basra: Basra Heavy and Medium crude experienced a decline for the second consecutive week, aligning with the drop in global oil prices.

According to National Iraqi News Agency, Basra Heavy crude finished its latest session on Friday with a decrease of $1.32, settling at $63.08. This marked a weekly loss of 13 cents, equivalent to 0.21%. Similarly, Basra Medium crude concluded its last session with a drop of $1.32, reaching $64.76, reflecting a weekly loss of 13 cents, or 0.2%.

The global oil market has been impacted by several factors, leading to the lowest price levels since May. The United States’ threat to implement new tariffs on China and the easing geopolitical tensions in the Middle East have contributed to this trend. Additionally, there are growing concerns over a potential global supply glut, which has further dampened market outlooks.

West Texas Intermediate crude saw a 4.2% decrease, settling below $59 a barrel, marking its lowest daily level since May. Meanwhile, Brent crude for December delivery dropped 3.8%, closing at $62.73 a barrel.