Weekly Performance Review: Basra and Global Crude Oil Markets
In the past week, Basra crude has experienced notable declines in both its heavy and medium quality variants.
Market Performance of Basra Crude
As of last Friday, Basra’s heavy crude noted a decrease of 34 cents, settling at $74.53. This performance reflects a weekly loss of 44 cents, which is equivalent to a 0.59% reduction. In parallel, Basra’s medium crude also closed down by 34 cents, bringing its price to $77.58, culminating in a weekly loss of 54 cents or approximately 0.69%.
Comparison with Other Crude Varieties
In contrast, Brent crude saw a modest weekly increase of around 0.5%, while West Texas Intermediate crude experienced a negligible rise of about 0.01%. These figures highlight the variances in market dynamics among different crude oil types.
| Crude Type | Last Week Closing Price | Change (Weekly) | Percentage Change |
|---|---|---|---|
| Basra Heavy | $74.53 | -$0.44 | -0.59% |
| Basra Medium | $77.58 | -$0.54 | -0.69% |
| Brent Crude | Price Not Specified | +Rate Not Specified | +0.5% |
| West Texas Intermediate | Price Not Specified | +Rate Not Specified | +0.01% |
Overall, the recent trends in the global oil market reflect a mixed bag, with Iraqi crude notably underperforming against its global counterparts, demonstrating the complexities and fluctuations inherent in the crude oil sector.
