Basra: Basra Heavy and Medium crude oil recorded weekly losses exceeding 1%, despite closing slightly higher in the last trading session on Friday.

According to National Iraqi News Agency, Basra Heavy crude oil closed up 36 cents to $64.51 per barrel, but incurred a weekly loss of 80 cents, equivalent to 1.22%. Similarly, Basra Medium crude oil closed up the same amount to $68.46, but also recorded a weekly loss of 80 cents, equivalent to 1.17%.

Oil prices rose at settlement on Friday, but ended the week down more than 2%, due to pressures stemming from expectations of a supply surplus, in addition to the uncertainty surrounding the fate of the tariff talks between the United States and China.