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Global oil exchanges close with weekly gains, and Basra heavy is declining
Shafaq News/ The global oil stock exchanges closed with weekly gains, while the gains of Basra Heavy Oil declined.
Brent crude closed in its last session yesterday, Friday, down by 0.12 cents, to reach 107.14 dollars, but it recorded weekly gains of 1.24 dollars, equivalent to 1.17%.
The US West Texas Intermediate crude also closed at a loss of 0.67 cents to reach $104.69 a barrel, but it recorded weekly gains of $2.62, or 2.57%.
Basra Heavy Crude also closed down, reaching $99.84, but it achieved a weekly loss of $1.92, or 1.89%.
Oil prices fluctuated during the past week due to expectations of weak global growth and the closure of Covid-19 in China, offset by fear of scarce supplies from OPEC and the imposition of sanctions on Russian oil and gas from the European Union.
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Brent crude closed in its last session yesterday, Friday, down by 0.12 cents, to reach 107.14 dollars, but it recorded weekly gains of 1.24 dollars, equivalent to 1.17%.
The US West Texas Intermediate crude also closed at a loss of 0.67 cents to reach $104.69 a barrel, but it recorded weekly gains of $2.62, or 2.57%.
Basra Heavy Crude also closed down, reaching $99.84, but it achieved a weekly loss of $1.92, or 1.89%.
Oil prices fluctuated during the past week due to expectations of weak global growth and the closure of Covid-19 in China, offset by fear of scarce supplies from OPEC and the imposition of sanctions on Russian oil and gas from the European Union.
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