Iraq’s Basrah crude prices slipped this week, even though crude prices climbed slightly during the final trading session. This reflects a wider trend in global oil markets, where prices continue to show instability. Both Basrah Heavy and Basrah Medium saw slight increases at the end of the week. However, those gains were not enough to prevent a weekly decline.
Basrah Heavy gained 57 cents, ending at $67.43 per barrel. But over the week, it still lost about 4 cents. Similarly, Basrah Medium finished at $70.48, after a 57-cent gain. Still, it also dropped by 4 cents overall. These weekly losses in Basrah crude prices followed broader downward movement across international oil markets.
One major reason for this downturn came from weakening economic signals in both the United States and China. Investors reacted to concerns that both economies might be slowing. This fear reduced confidence in future oil demand. Additionally, there were clear signs of increasing oil supply, which further pressured prices.
Even though some recent US economic agreements sparked hopes for stronger global growth, those hopes were not enough to support oil prices fully. Traders focused more on the negative indicators than the positive developments. As a result, the upward momentum in Basrah crude prices faded quickly.
Benchmark Brent crude prices dropped about 1% this week. Meanwhile, US-based West Texas Intermediate (WTI) crude fell nearly 3%. These declines show that the weakness in Iraq’s crude prices reflects a global trend, not just regional factors.
Markets will likely remain volatile in the short term. Supply concerns and global economic conditions continue to shift daily. Oil traders in Iraq and beyond will watch both US and Chinese economies closely for clues about future demand. Any signs of strong recovery may help lift Basrah crude prices again.
Despite the small gain, Basrah crude prices prices slipped this week lower. This movement highlights how sensitive oil markets are to global economic signals. Iraq’s oil exports, especially Basrah crude grades, will remain exposed to these market shifts.