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ECB: Iran deal limits oil in moderate case
The Chief Economist at the European Central Bank, Philip Lane, stated that the US-Iran agreement led to a decline in oil prices to levels between the baseline and moderate scenarios, with expectations that prices will be closer to the baseline scenario over several years. The futures contracts for Brent crude dropped to $79.88 per barrel, and West Texas Intermediate to $76.93, following Trump's announcement of a preliminary agreement to halt the war between the two countries, which involves extending the ceasefire for 60 days and establishing a framework for future negotiations on Iran's nuclear program.
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