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Global crude oil prices witnessed significant gains, driven by a scarcity of supply following cuts by Saudi Arabia and OPEC countries.
Basra crude increases in its last session on Friday, contributing to a bullish trend in the market.
The Basra Heavy crude closed at $81.79 per barrel in its last session, marking a notable rise of 54 cents. The weekly gain for Basra Heavy was recorded at $3.75, equivalent to a significant 4.81% increase.
Basra Intermediate crude closed at $84.84 per barrel in its last session, reflecting a 54 cents uptick. Weekly gains for Basra Intermediate amounted to $3.15, equal to a 3.85% surge.
Brent crude, a global benchmark, closed at $84.99 per barrel in its last session on Friday, showing an increase of 75 cents. The weekly gain for Brent crude stood at $3.92, representing a substantial 4.84% climb.
West Texas Intermediate (WTI) crude closed at $80.58 per barrel in its last session on Friday, registering a rise of 49 cents. WTI crude reported weekly gains of $3.51, equivalent to a 4.55% hike.
The surge in crude oil prices was triggered by Saudi Arabia and Russia, both prominent oil exporters, announcing an increase in oil production cuts this month. These production cuts have been in place since November of the previous year, further supporting crude prices amid ongoing global oil supply and demand dynamics challenges.
