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Iraqi Oil Faces Significant Weekly Losses Amid Price Fluctuations

Iraqi Oil Market Sees Significant Weekly Losses

On Saturday, Basra’s raw "heavy and medium" crude experienced substantial losses over the past week, despite a modest uptick in the final trading session on Friday.

Market Performance:

  • Basra Heavy Crude: Closed at $72.45 per barrel, reflecting an increase of 88 cents. However, it recorded a weekly loss of $4.60, marking a decline of 5.33%.
  • Mediterranean Crude: Also rose by 88 cents to close at $75.20, but similarly faced a weekly loss of $4.60, equivalent to a decrease of 5.12%.
  • Brent Crude: Saw a weekly loss of 83 cents, or 1.12%.
  • West Texas Intermediate Crude: Declined by 95 cents, amounting to a 0.84% drop.

Factors Influencing Price Instability:

The fluctuations in oil prices can largely be attributed to several ongoing geopolitical issues. Notably, the global efforts to resolve the Ukrainian-Russian conflict are a key factor, along with the potential customs duties threatened by former U.S. President Donald Trump, which continue to introduce volatility into the market.

In summary, while there have been short-term gains, the trend over the week indicates significant challenges facing Iraqi crude and other global benchmarks.

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