Basrah crude records weekly gains amid global oil rebound

Shafaq News/ Iraq's Basrah crude grades posted solid weekly gains of over 2% as global oil prices rebounded, supported by renewed optimism over US-China trade negotiations.

Basrah Heavy crude closed its session on Friday with a $2.16 rise, settling at $61.16 per barrel, recording a weekly gain of $1.24, or 2.07%.

Basra Medium also gained $2.16 in the last session, closing at $64.31 per barrel, and registered a weekly increase of $1.24, or 1.97%.

Globally, oil prices climbed $1.07, or 1.7%, during Friday’s trading, securing weekly gains of nearly 4%.

Analysts attribute the uptick to growing expectations of progress in trade talks between the United States and China. While tariffs remain at peak levels, heightening the risk of recession, any positive development is seen as a bullish signal for energy markets.