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The increase, which the group said was a response to “a steady global economic outlook,” was higher than some analysts expected and could lead to lower oil prices.

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How Much Will the Fed Cut Interest Rates? Fed to drive rates lower as top concern shifts from inflation to growth.

The United States is opposing a push by other G7 members to lower the price cap on Russian oil from $60 to $45 per barrel, ahead of the group’s summit in Canada.

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