Basra:Basra’s heavy and medium crude grades experienced weekly losses despite the stability of global oil prices.

According to National Iraqi News Agency, Basra Heavy crude increased by $3.95 per barrel in the final trading session, closing at $72.16 per barrel. However, it suffered a weekly loss of $2.41 compared to its level at the beginning of the week, which was $74.57.

Similarly, Basra Medium crude saw a rise of $3.65 per barrel, closing at $75.16. This resulted in a weekly loss of $2.89 compared to its starting level of $78.05 earlier in the week.

Meanwhile, global oil prices held steady at higher levels due to Hurricane Isaias approaching the northern Gulf of Mexico. This weather event prompted oil companies to shut down more than 70% of crude oil production in US waters. Brent crude futures settled at $104.72 per barrel, an increase of 44 cents, or 0.42%, while US West Texas Intermediate (WTI) crude futures settled at $91.85 per barrel, up 36 cents, or 0.39%.