Basra crude achieved the highest gains for the third week in a row, after Saudi Arabia and Russia cut supplies.

Basra Heavy crude closed in its last session on Friday, up $1.4, to $78.04, and recorded a weekly gain of $4.27, equivalent to 5.79%.

While Basra Intermediate crude closed in its last session, also higher, amounting to 1.4 dollars, to 81.09 dollars, and it also recorded weekly gains, amounting to 5.92 dollars, equivalent to 7.88%.

As for Brent crude, it closed in the last session on Friday, down by $1.49, to reach $79.87. However, it recorded a weekly gain of $1.4, or 1.78%.

West Texas Intermediate (WTI) crude closed down in the last session on Friday, also by $1.47, to reach $73.86 per barrel, and recorded a weekly gain of $1.56, equivalent to 2.11%.

Saudi Arabia and Russia, the largest oil exporters in the world, announced this month an increase in oil production cuts that have been in place since November of last year, which provides more support for crude prices.

Source: National Iraqi News Agency