Baghdad: Basra Heavy and Medium crude oil recorded gains over the past week, despite their prices declining in the last trading session yesterday, Friday. Basra Heavy crude closed down 36 cents, settling at $68.22 per barrel, but achieved weekly gains of 44 cents, equivalent to 0.65%. Similarly, Basra Medium crude ended trading down a similar 36 cents, reaching $70.83 per barrel, but achieved weekly gains of 44 cents, equivalent to 0.62%.

According to National Iraqi News Agency, globally, Brent and West Texas Intermediate (WTI) crude oil prices ended the week at near-stable levels compared to last Friday, with Brent settling at $70.36, while WTI reached $67.04. Despite the closing price declines, the overall weekly performance of Basra crude indicates a positive trend.

Barclays Bank's estimates, issued on March 14, reveal that the bank has lowered its forecast for the average price of Brent crude oil for 2025 by $9, bringing it down to $74 per barrel. This revision reflects adjustments in market expectations and could influence future trading strategies for crude oil investors.