Brent Crude Up Slightly on German Growth
Brent crude oil was up slightly today after welcomed good news regarding German GDP growth. This news was a welcome change from the Greek political standoff and debt issues. Brent crude oil is still the benchmark for the United Kingdom and much of Europe.
German GDP data for Q1 2012 was better than expected, raising hopes of a way out of the debt crisis. Outlook for the rest of the EuroZone is still flat or negative economic growth.
The Greek political deadlock has collapsed as political parties failed to form a coalition. This gives strength to the fringe parties who aggressively oppose the EU bailout plan and government austerity budget cuts. It seems likely there will be another Greek election in June.
US WTI (West Texas Intermediate) crude oil fell again today as traders anticipated larger oil inventories stockpiling and a stronger US Dollar.
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