Basrah Crude continues surging after consecutive weekly losses

Shafaq News/ Basrah crude recorded a gain for the second week after four consecutive weeks of losses amid fluctuations in global oil prices.

Basrah Heavy crude concluded its latest session on Friday with an increase of $0.93, closing at $81.93. This downturn resulted in a weekly gain of $0.65 or 0.80%.

Basrah Medium crude climbed by $0.93, settling at $86.43 in its recent session. Its weekly gain amounted to $1.21 or 1.79%.

Globally,

Globally, oil prices settled about 1% higher on Friday, with global benchmark Brent crude recording its first weekly gain in three weeks. This increase followed positive economic indicators from the world's top two oil consumers, China and the U.S., which bolstered hopes for higher demand.

Brent settled 71 cents higher, or 0.9%, at $83.98 a barrel. U.S. West Texas Intermediate (WTI) crude gained 83 cents, or 1.1%, to $80.06 a barrel.

For the week, Brent gained about 1%, while WTI rose 2%.