The high price of Oil remains the issue number one, as far as all the economies are concerned. When oil is costing more, people have less for other items. Consequently, most people only drive because they have to, not for leisure or pleasure.
In my opinion, Oil needs to go down to around $100 for Brent Ice and $85 for the WTI or Nymex, to enable the Recovery to consolidate further and spread worldwide.
In the U.S., although the jobs numbers are pretty good month-on-month, they could be better for anywhere near a full Recovery. I would suggest that once there is creation of 400,000 jobs a month for three to six consecutive months, then it would be reasonable to say that the economy has truly healed. Until such time, in at atmosphere of optimism, which is always to be welcomed, the Oil market must not read that as some euphoria to put the prices up. Rather, prices have to turn down to enable a full-blown Recovery, and I would count on the OPEC countries heeding Sheikh Al-Naimi's words that there is no rational reason for the prices to be so high, and do the necessary correction.
In view of the stockpiles in the U.S. of 9 million barrels plus as against an earlier estimate of 2 million barrels, there is scope for further price drop in the Oil price, both in Europe and the States.
Once a reasonable price prevails, there will be loose change for people to feed into the wider economy, and enjoy motoring for leisure, and invest in the stockmarkets - which will then start to move up, and become the storehouse of peoples' wealth.
You are welcome to comment on this issue and let me know your views.