Basra: Basra Heavy and Medium crude oil prices recorded weekly gains despite global oil losses on a weekly basis. Basra Heavy crude oil closed the last trading session up 32 cents to $67.47 per barrel, achieving weekly gains of 18 cents, or 0.27%. Basra Medium crude oil also closed up a similar 32 cents to $70.52, recording larger weekly gains of $1.41, or 2.04%.

According to National Iraqi News Agency, oil prices rose slightly but are heading towards weekly losses as investors assess the new sanctions the European Union has agreed to impose on Russia.