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Iraqi Oil Prices Surge Above $78 a Barrel: Market Update

Iraqi Oil Prices Experience Weekly Gains

Iraqi oil prices concluded their weekly trading session on Saturday, February 8, 2025, with a notable increase, settling above $78 per barrel.

According to the latest data, heavy Basra crude was priced at $74.97 per barrel. The average price for oil during this period was recorded at $78.12 per barrel, reflecting a slight increase of $0.11 for the delivery in Nissan 2025.

In a broader context, global crude prices observed a minor decline. Brent crude was priced at $74.66 per barrel, while the West Texas Intermediate (WTI) recorded a price of $70.00 per barrel, both down by $0.37.

Summary of Oil Prices

Type of Crude Price per Barrel Change
Heavy Basra Crude $74.97
Average Iraqi Oil Price $78.12 +$0.11
Brent Crude $74.66 -$0.37
West Texas Intermediate (WTI) $70.00 -$0.37

As these figures indicate, while Iraqi oil prices rose, the overall trend in the global market displayed some downward pressure on key benchmarks.

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