Weekly Oil Market Overview: Basra Crude Sees Gains Despite Friday Decline
The "heavy and medium" crude oil markets experienced gains throughout the week, even as prices dipped in the last trading session.
Basra Crude Performance
On Friday, Basra’s heavy crude concluded the trading day with a decrease of 36 cents, settling at $68.22 per barrel. Despite this decline, it accumulated weekly gains of 44 cents, reflecting an increase of 0.65%. Similarly, Mediterranean crude also saw a reduction of 36 cents, closing at $70.83 a barrel, but boasting a weekly gain of 44 cents, equivalent to a 0.62% rise.
Global Crude Market Trends
On a broader scale, the global benchmarks of Brent crude and West Texas Intermediate (WTI) maintained relatively stable prices compared to the previous Friday. Brent crude settled at $70.36, while WTI reached $67.04.
Price Forecast Adjustments
According to estimates released by Barclays Bank on March 14, the institution has revised its projections for the average price of Brent crude for 2025, decreasing its forecast by $9 to $74 per barrel.
| Crude Type | Closing Price | Weekly Gain | Percentage Change |
|---|---|---|---|
| Basra Heavy Crude | $68.22 | +$0.44 | +0.65% |
| Mediterranean Crude | $70.83 | +$0.44 | +0.62% |
| Brent Crude | $70.36 | Stable | 0% |
| West Texas Intermediate | $67.04 | Stable | 0% |
In summary, while Friday’s trading session revealed declines for Basra and Mediterranean crude, the commodities still achieved notable weekly gains. Meanwhile, global benchmark prices held steady, with Barclays issuing lowered expectations for future pricing.
