Falling oil prices dim interest rate hike prospects in Europe

The sharp decline in global oil prices, following progress in Middle Eastern peace talks, has led the European Central Bank to revise down its expectations for interest rate hikes. Consequently, economic institutions such as Oxford Economics and Capital Economics have adjusted their forecasts, favoring the idea that the bank will halt its rate increases at around 2.5%. This comes after Brent crude oil prices fell to their lowest level since the outbreak of the war, dropping below $72.48 per barrel. ECB President Christine Lagarde confirmed that the current inflation rate of 3.2% necessitates additional measures to reach the 2% target.

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