Brent crude is still at nearly an all-time high of $125. If the price persists, many experts believe it could curtail much of the world’s economy.
Traders faced two conflicting pieces of news. The first is that China’s inflation rate in February was a multi-month low of 3.2%. Certainly this means demand for factory goods is down and the the overall economy is slowing. The net effect–less need for crude.
On the other hand, Greece got its bailout which means an extraordinary default will not roil the banking system in the US and potentially cause a credit crisis which could worsen an recession which has already begun across much of the region.
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