Basra: Basra Heavy and Basra Medium crude oil experienced significant losses exceeding 4% over the past week. Despite a slight uptick in the final trading session on Friday, the week concluded with notable declines for both types of crude.

According to National Iraqi News Agency, Basra Heavy crude ended its last trading session with a modest gain of 9 cents, reaching $61.73. However, it suffered a weekly loss of $2.95, equating to a 4.56% decrease. Similarly, Basra Medium crude also saw a 9-cent increase in its final trade, closing at $63.58, yet it recorded a weekly loss of approximately $3, or 4.43%.

The global oil market observed an increase in prices at the close of the week, but this was overshadowed by a second consecutive week of overall losses. The market is currently grappling with the implications of sanctions on Russia amid concerns over an oversupply of crude oil.

West Texas Intermediate (WTI) crude futures saw a 0.5% rise to settle just below $60 a barrel. Despite this, WTI futures were down on a weekly basis. This week's oil prices were further influenced by heightened volatility within equity markets, adding to the complexity of the current economic landscape.