Basra: Basra Heavy and Basra Medium crude oil closed with weekly gains. According to National Iraqi News Agency, Basra Heavy crude oil concluded its last trading session on Friday with a 15-cent increase, reaching $58.65. It recorded weekly gains of $2.28, equivalent to 4.04%. Basra Medium crude oil, on the other hand, closed its last trading session with a 15-cent decrease, reaching $61.20. Despite the decrease, it recorded weekly gains of $2.28, equivalent to 3.87%. Oil prices experienced a decline in quiet trading following the Christmas period as investors evaluated a new development in the long-stalled Ukrainian peace talks. This development could potentially lead to an agreement allowing more Russian oil into the already oversupplied global market. In comparison, West Texas Intermediate crude saw a 2.8% drop at the close of trading on Friday, settling near $57 a barrel, marking its largest decline since mid-November. Meanwhile, Brent crude closed below $61.