Basra: Basra crude oil recorded weekly gains, despite the decline in global oil prices at the end of the week’s trading. Basra Heavy crude closed its last session on Friday, down $1.80, reaching $69.28, but achieving weekly gains of $1.85, equivalent to 2.75%. Basra Medium crude oil also closed its last session with a similar decline of $1.80, settling at $72.33, but recording weekly gains of $1.85, equivalent to 2.62%.

According to National Iraqi News Agency, global oil prices fell as the outlook for the world’s largest economy deteriorated following a series of weak US data and tariff announcements, negatively impacting energy demand growth prospects. West Texas Intermediate crude fell 2.8% to settle near $67 a barrel on Friday evening, marking its largest one-day decline since June 24.