Basra crude closed with a large weekly loss of more than 6%, with the drop in global oil prices.

Basra Heavy crude closed in its last session on Friday, down by 1.63 dollars, to 79.96 dollars, and it recorded large weekly losses of 5.4 dollars, equivalent to 6.56%.

While Basra Intermediate crude closed in its last session, down by $1.63, to reach $80.51, and it also recorded a large weekly loss of $5.33, equivalent to 6.21%.

As for Brent crude, it closed in the last session on Friday, up by 56 cents, to reach $81.66, but it recorded a weekly loss of $4.65, or 5.39%.

West Texas Intermediate (WTI) crude closed in its last session on Friday, also rising by 50 cents, to reach $77.87 a barrel, and recorded a weekly loss of $4.65, equivalent to 5.63%.

Crude oil prices declined during the past week, with weak US economic data and an increase in US fuel stocks, which raised concerns about stagnation and slowdown in oil demand.

Source: National Iraqi News Agency