The Greek sovereign debt problem continues to be problematic. This problem affects the entire euro zone because European banks have made large loans to the Greek government and the Greek public opposes any downsizing of their entitlements. The riots in the streets are giving politicians second thoughts about making the necessary actions that will make Greece solvent.
Today the IMF has reduced its forecast for American economic growth. It is getting harder and harder to spin the poor state of the American economy. Consequently, despite the lack of additional OPEC production, demand in the US is not seen to grow in the second half of the year and the additional production may not be needed.
For the week, WTI-$6.28,$93.01; Brent-$5.57,$113.21; RBOB-7.17¢,$2.946; HO-12.18¢,$2.9833.
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