Basra crude achieves significant weekly gains

Basra crude "heavy and medium" achieved weekly gains exceeding 8%, with global oil prices also recording significant weekly gains. Basra heavy crude closed in its last session yesterday, Friday, up $2.27 to reach $72.48, and recorded weekly gains of $6.34, equivalent to 8.47%. While Basra medium crude closed in its last session up $2.27 to reach $75.48, and recorded weekly gains of $6.34, equivalent to 8.11%. Global oil prices posted strong weekly gains of more than 9% for both crudes, as investors assessed the possibility of a wider conflict in the Middle East disrupting crude flows amid ample supplies in the global market. Source: National Iraqi News Agency