Europe in technical recession, but inflation falls

Eurostat has updated the Eurozone GDP figure for the first quarter, which is now at 0% compared to the -0.1% reported on June 8. Thus vanishes the hypothesis of the technical recession that under the previous estimate had been created by a decline for two consecutive quarters of GDP.The EU GDP figure was revised from 0.1% to 0.2%.Goldman Sachs analysts believe that conditions are in place for crude oil to rise to $100 a barrel in the next 6 months. "Markets," they explain, "have recently found a firmer footing, with crude oil up $8 a barrel in the past 3 weeks, pivoting on the expected inventory deficit for the second half of the year.