Apa-economics: In July, the global average price for a barrel of Brent crude oil was recorded at $83.4, a decrease of 2.34% compared to June's price of $85.4. According to Azeri-Press News Agency, the World Bank's monthly commodity markets report highlights this price adjustment amidst fluctuations in the oil market.

The report further indicates that in the second quarter of the current year, the average price of Brent crude surged to $104.4 per barrel, marking a substantial increase of 54% from $67.8 during the same quarter last year. This trend underlines the volatility and dynamic nature of the global oil markets.

The World Bank's projections suggest a future decline, with the average price of Brent crude expected to be $69 per barrel in 2025, which is a 14.5% decrease from the anticipated price of $80.7 in 2024.

The report also covers the West Texas Intermediate (WTI) benchmark, noting that the average price per barrel in July was $79.4, down 3.1% from June's figure of $81.9. In the second quarter, WTI prices averaged $93.2 per barrel, which is 46% higher than the $63.9 recorded in the same period the previous year.

Looking ahead, the World Bank anticipates the average price of WTI crude to be $64.9 in 2025, reflecting a 14.4% decline from $75.8 in 2024. These projections provide critical insight into the expected trends and developments within the global oil market.