Oil Prices Drop Below $70, Easing Global Inflation Concerns

The decline in oil prices opens the door for potential interest rate cuts and offers economic relief amid global demand worries.

Brent crude fell below $70 a barrel for the first time since late 2021, driven by concerns over global demand and robust supplies.
The drop in oil prices is expected to help central banks combat inflation, potentially leading to interest rate cuts in the US and Europe.
Forecasters from Citigroup and JPMorgan predict oil prices could descend to $60 a barrel by 2025, further easing inflation pressures.
The International Energy Agency anticipates global oil production to grow by 1.5 million barrels a day this year and next, outpacing demand growth.
Despite the drop, OPEC+ has postponed an output hike, and the market remains cautious about future supply and demand dynamics.