Baghdad Basra crude is closed with large weekly losses, amounting to more than 5%, similar to the rest of the other crude oil, which also recorded losses of more than 8%.

Basra Heavy crude closed in its last session of yesterday, Friday, down by $1.54, to reach $79.32, and recorded a weekly loss of $4.77, equivalent to 5.67%.

While Brent crude closed in the last session of Friday, down by $2.16, to reach $87.62, and recorded a weekly loss of $8.37, equivalent to 8.72%.

West Texas Intermediate (WTI) crude closed in its last session on Friday, down by $1.56 to reach $80.08 a barrel, and also recorded a weekly loss of $8.88, equivalent to 9.98%.

Last week witnessed a decline in oil prices as a result of weak Chinese demand as a result of the closure of regions therein after the increase in COVID-19 cases, in addition to expectations of an economic recession that began to appear in Europe and America after raising interest rates in these countries to curb inflation.

Source: National Iraqi News Agency