And the EU pot continues to boil

Florence Tan reports from Reuters that oil is headed for a fall for a straight drop continuously in three weeks. This is attributed to the worsening EU crisis in managing the sovereign debt and a slowdown depicted in US economic data.  First there is the political chaos following the elections in Greece and secondly, Spain tripped into a recession. The continuous gain in US crude oil inventories also have a role to play in this fall. The most panic-causing element is the possibility of Greece from leaving EU as it does not have a government to implement the austerity measures.

Jeffrey Jones of Reuters brings out to our attention that the output from Canadian Oil sands are ahead of projections and will likely be an imperative source of this scarce resource in the future.