Some of the European economies are in a recession, technically speaking, being down on GDP figures for two quarters running.
The U.S. jobs figures were quite good, considering it is one of the leading economies creating jobs instead of losing them.
The fact remains that the high price of Oil has again started to slow the economic activities everywhere. Evidence the number of airlines in serious problems.
A point seems to have been reached where it is necessary to pause for thought. Does anyone want the technical recession turn into a full blown double dip? (That, God forbid, would be another long recession just after the world has just about come out of the longest recession in recent history, 2008 to mid 2011 or so).
A turning point has been reached in the path of Recovery. If the Oil price falls further, and fast, maybe the world economic system could be saved. Otherwise, demand for oil will start to fall, and this will have a knock-on effect on the income of the OPEC nations, as well as minimal usage thinking for Oil in other nations. As it is, the Oil stocks were the highest since 1991, and (as people can jog their memories) was a time that led to a recession.
Oil is one of the key macro-drivers of all the economies, and, as Sheikh Al-Naimi summed up a few months ago, "there is no rational reason for such a high oil price".
It is to be hoped that the OPEC countries as well as the traders will help to lower the price, so that the worldwide economic Recovery may continue. For that, I pray.