Basra: Basra Heavy and Medium crude oil prices achieved weekly gains, despite the decline in global oil prices.

According to National Iraqi News Agency, Basra Heavy crude closed its last session on Friday, down 48 cents, reaching $66.33, but recorded weekly gains of $2.59, equivalent to 4.06%. Meanwhile, Basra Medium crude also closed its last session down 83 cents, reaching $67.88, and recorded weekly gains of $1.04, or 1.56%.

West Texas Intermediate crude experienced a 1.4% decline, settling below $63 a barrel. This decline was attributed to traders rolling over their contracts ahead of the October contract expiration next week, which increased trading volatility.

Crude prices fell 2.9% over three sessions amid concerns of a potential supply glut. The market has been receiving conflicting signals regarding supply versus the outlook for the US economy, contributing to the fluctuations in crude prices.