According to Oilprice.com, there is some economic hope in the new government in Greece, but if oil prices are any sort of barometer, the global economy has a long way to go before 2008 is in the rear-view mirror.
In general, crude oil prices are down more than 20 percent for the year, amid lingering concerns that a dismal European economy will do anything to encourage demand.
Iranian threats early this year caused a spike in oil prices, but those fears have eased. Now, as prices move further away from $100 per barrel, it seems the threat to global economic recovery comes not from decisions made in Tehran but from the lack of decisions in the Eurozone.
It may be premature, however, to pull the net away…..