Oil prices remain stable despite rising pressure over the last week. Economic data from the United States fueled bearish sentiment despite encouraging data from the EIA. The U.S. economy is expected to have shrunk by 32.9% in Q2-2020 according to a recent statement by the head of the U.S. Federal Reserve. The expectation of sluggish demand is weighing on the economic stimulus package proposal currently debated in the US congress. Furthermore, the impact of this economic stimulus remains questionable as the number of jobless people in the United States remains considerably high. The German economy, the largest in the eurozone, shrunk by 10.1% during the same period. The European Commission has revised down its forecast for the EU economies in 2020 from -7.4% to -8.3% while most economists are expecting a much deeper global recession this year and a slower recovery next year. These forecasts are not good news […]