Basra Crude Oil Prices Dip in Last Trading Session, Record Weekly Gains

On Friday, Basra crude oil prices declined in their last trading session.

Basra Heavy crude closed at $72.03, down 6 cents, while Basra Intermediate crude closed at $75.18, also down 6 cents.

Despite the daily decrease, both crudes recorded weekly gains.

Basra Heavy crude saw a weekly gain of $1.29 or 1.82%, while Basra Intermediate crude gained $1.29, or 1.75%, over the week.

Brent crude closed at $75.58 on Friday, down 28 cents. However, it still registered a weekly gain of $1.41, or 1.9%. West Texas Intermediate (WTI) crude closed at $71.55 a barrel, down 31 cents. Nonetheless, it achieved a weekly gain of $1.51, or 2.16%.

The decline in crude oil prices on Friday was attributed to a pause in debt ceiling talks between Republicans and Democrats. Despite this, a White House official mentioned that an agreement was still possible.

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