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Oil drop dims European rate hike prospects
Oil prices dropped sharply, leading to a reduction in expectations for interest rate hikes by the European Central Bank in the upcoming period. The decline in energy prices, following the Iranian-American agreement, has decreased the likelihood of an interest rate increase, as institutions such as Oxford Economics and Capital Economics forecast limited upward movements or a pause at around 2.5%. Additionally, the price of Brent crude fell to its lowest level, below $72.48 per barrel, amid increased shipping flows through the Strait of Hormuz.
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