By Peter Suciu -- TWICE

Microsoft officially confirmed the new $299 price for the 20GB Xbox 360 game console at its annual press conference during the Electronic Entertainment Expo Business Summit.

While the $50 price cut from the previous $349 price was the worst-kept secret in the video game world, Microsoft said it will be available while supplies last.

Microsoft is following Sony’s discontinuation of its 60GB PlayStation3. The new price for the Xbox 360 will be while supplies last, as Microsoft will be introducing a new 60GB 360 in early August, which will be available at the 20GB’s former $349 price point.

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