The current Oil price may hold for a little while, maybe a few weeks, but the stockpiles will soon get depleted and, even with the fall in demand due to the hot weather, the supply-demand equation will mean the prices moving higher. Hopefully, just a little bit. At current levels of WTI Nymex at $79 and Brent Ice at $89 or so, the price looks favourable for the worldwide economic Recovery to continue.
The good and just counsel of Saudi Oil Minister are to be appreciated and applauded.
Looking forward, I guess the U.S. jobs figures will have improved for June, and next week should bring some cheer. A continued picture of jobs growth and improvement in manufacturing industry will add to the growth story, to inspire and reassure the world.
Mme Madeleine Albright, former Secretary of State, has made a valid observation that the India economic growth story had been oversold, but otherwise remains on track for sustainable growth.
As more people have mobile phones, compare prices and lifestyles on the Internet, are able to afford travelling, it seems natural that the human energy is there to be translated into improving standards of living for the people, standards which are very dear to the Congress leaders. Their Presidential-nominee Dr Pranab Mukherjee is most likely to be elected.
There seems a lull in market activity for the moment, but it will pick up over the next few weeks, I believe.
Kind regards in the meantime,