The Egyptian government set the crude oil price at $68 per barrel for next year’s budget, Amwal El Ghad reported.

The statement for the budget for fiscal year (FY) 2019/20 showed that oil prices for are estimated at $68 a barrel, down from the estimated $70 for FY 2018/19, as shown by the official data of the Ministry of Finance.

This comes as global oil prices dropped by more than 2.6% last week, recording its first decline after rising for five consecutive weeks.

Brent crude prices hit $70.85 per barrel after surpassing the level of $75 per barrel during the first week of May.

American crude (WTI) prices also decreased to $61.94 per barrel, down from $66 per barrel a week earlier.