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.
