Basra: Basra Heavy and Medium crude oil recorded weekly losses exceeding 1%, at a time when global oil prices achieved gains supported by a trade truce between Washington and Beijing.

According to National Iraqi News Agency, Basra Heavy crude closed in the last trading session on Friday, down 75 cents, reaching $60.49 per barrel, recording a weekly loss of 67 cents, equivalent to 1.1%. Basra Medium crude oil also closed down 57 cents, settling at $63.64, with a weekly loss of 67 cents, equivalent to 1.04%.

Brent and US crude oil posted weekly gains of about 1%, supported by a temporary trade agreement between the United States and China to de-escalate the trade war for 90 days, including reciprocal tariff reductions, which boosted global market appetite.