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PVM Midday Report 22 May 2015

Published Friday, May 22nd, 2015

  1. Saudi Arabia has become the biggest crude oil exporter to China in April – Bloomberg
  2. Greece believes they can reach a deal with creditors within 10 days
  3. German business morale fell in May
  4. Suicide bomber targets Saudi mosque, casualties are reported

Economy

Greece seems to be confident that they could conclude the cash for reforms deal with creditors in the next 10 days and will be able to meet all its payments next month. This optimism comes despite the country’s current account deficit widening to €404 million in March. German business morale dropped in May for the first time since October last year. The German economy is still expected to grow 0.5% in the second quarter of the year, according to IFO. The common currency is slightly up against the dollar whilst European stock indices are broadly lower this morning.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.