Petroleum Ministry Tracks Global Prices
Global oil prices experienced an increase between October 5 and 9, driven by geopolitical tensions, supply disruption fears, maritime shipping disturbances, and production cuts. The average price of Brent crude was $101.49 per barrel, fluctuating between $97.06 and $105.92. Meanwhile, West Texas Intermediate averaged $90.03, with a low of $86.86 and a high of $93.20. OPEC’s basket of crudes had an average price of $111.31, ranging from $108.59 to $114.03, reflecting market sensitivity to political and logistical developments that influence supply and demand in the global markets.
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