Weekly Oil Market Overview
Basra Crude Performance
Over the past week, Basra’s heavy and medium crude grades experienced a minor decline. On the last trading session Friday, Basra’s heavy crude concluded at $74.97, reflecting an increase of 11 cents; however, it recorded a weekly loss of 1 cent, translating to a decrease of 0.01%.
In a similar trend, Mediterranean crude also closed the week with an uptick of 11 cents, reaching $78.12. Nonetheless, it incurred a notable weekly loss amounting to $11, or approximately 0.14%.
Impact of Global Events on Crude Prices
The broader crude oil market exhibited weakness, with both Brent and West Texas Intermediate (WTI) experiencing the third consecutive weekly decrease. This downward trend is largely attributed to the renewed trade tensions instigated by U.S. President Donald Trump regarding China, alongside threats of escalated tariffs on additional countries.
Summary of Price Movements
| Crude Type | Price Change (Last Session) | Closing Price | Weekly Loss |
|---|---|---|---|
| Basra Heavy Crude | +$0.11 | $74.97 | -$0.01 (-0.01%) |
| Mediterranean Crude | +$0.11 | $78.12 | -$11.00 (-0.14%) |
| Brent Crude | N/A | N/A | Third consecutive decrease |
| WTI Crude | N/A | N/A | Third consecutive decrease |
This week’s fluctuations underscore the volatile nature of the oil market, heavily influenced by geopolitical developments and economic policies. Stakeholders will continue to monitor these dynamics closely as they may impact future pricing and demand forecasts.
