Basrah crude gains for second straight week

Shafaq News/
Iraq’s Basrah crude extended its weekly gains for the second consecutive week.

Basrah Heavy
closed Friday’s trading session up $2.24 at $70.04 per barrel, registering a
weekly gain of $1.82 or 2.67%.

Similarly,
Basrah Medium gained $2.24 in its last session to settle at $73.09 per barrel,
marking a weekly increase of $2.26, or 3.19%.

Global oil
benchmarks Brent and US West Texas Intermediate (WTI) also ended the week
higher, as US sanctions on Iran and a new OPEC+ output cut plan fueled expectations
of supply constraints.

Brent crude
futures climbed 16 cents, or 0.22%, to settle at $72.16 per barrel.

WTI crude
futures added 21 cents, or 0.31%, to close at $68.28 per barrel.