Global Stocks Up, Executive Sentiment Up

2008 was the year of extremes in the oil market.  In Summer things were soaring, couldn’t stop getting better – the price of a barrel of oil was over $147.

Then September arrived.  The world tumbled down and further down into the downturn, and oil was hit too.  A barrel was worth a mere $30.  OPEC, the main global oil cartel, decided to make production cuts in order to buoy prices.  It worked, and at yesterday’s meeting in Vienna, they decided not to make further cuts – there had been three since September.

Good news then!  If OPEC don’t need to make cuts, and oil is rising steadily then things are beginning to look up aren’t they?

In the Euro‘s 16 nations, things seem to be picking up too.  An index there has shown that executive and consumer confidence is up to a six-month high.  Manufacture is up too and overall global stocks are at a six-month high too.

Calm down though.  We’re still contracting.  Just not quite as much or as fast as before.

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