Basra crude achieved significant gains due to the scarcity of supply, after Saudi Arabia and OPEC countries cut supplies.
Basra Heavy crude closed in its last session on Friday, at an increase of 54 cents, to reach 81.79 dollars, and recorded a weekly gain of 3.75 dollars, equivalent to 4.81%.
While Basra Intermediate crude closed in the last session, also at an increase of 54 cents, to reach 84.84 dollars, and also recorded weekly gains of 3.15 dollars, equivalent to 3.85%.
As for Brent crude, it closed in the last session on Friday, up by 75 cents, to reach $84.99, and recorded a weekly gain of $3.92, or 4.84%.
West Texas Intermediate (WTI) crude closed in the last session on Friday, also up by 49 cents, to reach $80.58 a barrel, and recorded a weekly gain of $3.51, equivalent to 4.55%.
Saudi Arabia and Russia, the world’s largest oil exporters, announced this month an increase in oil production cuts that have been in place since November of last year, providing further support for crude prices.
Source: National Iraqi News Agency