Oil Prices Dip Slightly on Friday

PUKMEDIA

Oil prices.

Oil prices edged down slightly today as geopolitical concerns eased and trading activity remained subdued due to the US Independence Day bank holiday.

Brent Crude, the global benchmark, dropped by 22 cents to $68.58 per barrel, while West Texas Intermediate (WTI) declined by 12 cents to $66.88 per barrel. The dip follows Iran’s reaffirmation of its commitment to the Nuclear Non-Proliferation Treaty, which has helped calm fears of potential disruptions to oil supply in the Middle East.

Market attention is now turning towards the upcoming OPEC+ decision, with the group expected to raise production by over 400,000 barrels per day in August. This anticipated increase is continuing to exert downward pressure on prices, despite falling fuel costs — with petrol averaging around $3.16 per gallon in the US. 

With markets quieter than usual due to the holiday, analysts expect a clearer picture to emerge at the start of next week. For now, crude remains relatively stable in the mid‑$60 range, as supply expectations and geopolitical developments balance one another.



PUKMEDIA