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Global oil stock exchanges close with weekly gains.. Basra heavy oil is declining

Baghdad The global oil 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 recorded 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, in return for fear of scarce supplies from OPEC and the imposition of sanctions on Russian oil and gas from the European Union.

Source: National Iraqi News Agency

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