Oil’s fall into US$60s widens runway for global economy to make soft landing
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Brent crude oil fell below US$70 a barrel for the first time since late 2021; forecasts suggest prices could drop to US$60 in 2025; Tim Drayson from Legal & General Investment Management states soft landing probabilities increase for the US and Europe; ECB expected to cut rates on September 14, 2024; US Federal Reserve likely to begin easing on September 18, 2024; Christof Ruehl from Columbia University highlights benefits for central banks; global oil production expected to rise by 1.5 million barrels a day; SHOK model predicts a US$60 oil price could reduce inflation by 0.4 percentage points in the US and Europe; Janet Yellen describes the US economy as experiencing a soft landing; TS Lombard's Freya Beamish notes lower crude prices could stimulate US consumer purchasing power.
#OilPrices #GlobalEconomy #Inflation #InterestRates #BrentCrude #MonetaryPolicy #UsEconomy #Ecb #FederalReserve #Commodities
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