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Oil ministry cites rising supplies impacting prices

Oil ministry cites rising supplies impacting prices

Global oil prices declined during the period from June 30 to July 4, amid increased oil supply and worsening global economic outlooks that affected demand. The average price of Brent crude was $71.89, fluctuating between $70.14 and $73.64. West Texas Intermediate (WTI) averaged $69.32, with a range between $67.04 and $71.60. The OPEC Basket's average price reached $72.64, with a low of $69.33 and a high of $76.87, reflecting the impact of supply and demand factors, as well as economic and geopolitical developments on the oil market.

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