The oil inventories are ample. 9.1 million barrels in the U.S. amid gasoline heading for $4 a gallon. That is without using the Strategic Petroleum Reserves.
Doesn't that mean people are buying less petrol?
Anyway, the positive news seems to be from China, that the 1st Quarter GDP was 8.4 percent. That seems to suggest a gentle slowdown, a soft landing.
Provided Oil price and supply remains favourable, the worldwide economic Recovery story can continue.