Weekly Update on Crude Oil Prices: Basra Heavy and Medium Grades Experience Declines
In the past week, Basra crude oil, specifically the heavy and medium varieties, has witnessed a downturn in pricing.
As of the end of trading on Friday, Basra’s heavy crude was priced at $74.98 per barrel, reflecting an increase of 44 cents in the session but suffering a significant weekly loss of $3.45, or 4.4%.
Similarly, the Mediterranean crude closed at $78.23 per barrel, also up by 44 cents, yet recorded a weekly decline of $3.45, which corresponds to 4.22%.
Additionally, standard crude benchmarks, such as Brent and West Texas Intermediate, experienced declines as investors reacted to impending customs tariffs that the United States is poised to impose on Canada and Mexico.
| Crude Type | Closing Price (Last Session) | Change (Last Session) | Weekly Loss ($) | Weekly Loss (%) |
|---|---|---|---|---|
| Basra Heavy | $74.98 | +$0.44 | -$3.45 | -4.4% |
| Mediterranean | $78.23 | +$0.44 | -$3.45 | -4.22% |
This data highlights the ongoing volatility in the crude oil market and the broader implications of geopolitical factors on pricing trends.
