Weekly Performance of Basra Crude Oil Prices
Basra crude oil varieties "heavy" and "medium" demonstrated upward momentum over the past week, notwithstanding a decline in their prices during the final trading session on Friday.
Heavy crude from Basra recorded a decrease of 36 cents, closing at $68.22 per barrel. However, this segment still achieved weekly gains of 44 cents, reflecting an increase of 0.65%.
Similarly, the Mediterranean crude finished its trading with a drop of 36 cents, settling at $70.83 per barrel. It also saw weekly advances of 44 cents, equating to a rise of 0.62%.
Global Market Overview
On a broader scale, both Brent crude and West Texas Intermediate (WTI) crude exhibited relative stability compared to the previous Friday. Brent crude concluded the week at $70.36, while WTI reached $67.04.
Market Forecast Adjustments
In a recent analysis, Barclays Bank has adjusted its forecasts for the average price of Brent crude for 2025, lowering its expectations by $9 to an estimated $74 per barrel.
| Crude Type | Price Change | Current Price ($/barrel) | Weekly Gain ($) | Weekly Gain (%) |
|---|---|---|---|---|
| Basra Heavy | -0.36 | 68.22 | 0.44 | 0.65 |
| Basra Mediterranean | -0.36 | 70.83 | 0.44 | 0.62 |
| Brent | Stable | 70.36 | N/A | N/A |
| WTI | Stable | 67.04 | N/A | N/A |
This week’s fluctuations highlight the ongoing volatility within global oil markets, as economic factors continue to influence pricing and demand dynamics. Investors and stakeholders should remain vigilant as these market adjustments unfold.
