Oil Prices Slip on Middle East Crude Export Surge and G7 Supply Boost

Oil prices have declined as Middle East crude exports rise and the G7 boosts supplies. The Organization of the Petroleum Exporting Countries (OPEC) reported that the Middle East's crude exports increased by 2.5% in the first quarter of this year, contributing to the global oil market's surplus. This surplus is a result of the G7's efforts to boost supplies, which has put downward pressure on oil prices. As a result, the price of Brent crude oil has dropped to around $64.50 per barrel, while the price of West Texas Intermediate (WTI) crude oil has fallen to around $57.20 per barrel.