The eurozone countries have an imbalanced approach to jumpstarting their economies, relying only on monetary policy but failing to address fiscal issues such as punitive taxation and over-bloated entitlement spending.
The International Energy Agency report confirmed market sentiment when it cut its global demand forecasts for 2014 and 2015 and pointing out that despite all of the conflicts going on in the world the market remains well supplied.
The oil market cheered GDP as it already was supported by old man winter. Led by heating oil and gas increases on refinery glitches and winter woes, WTI gained as the emerging market challenged the Brent crude contract.
Brent crude went crazy as Libyan oil exports were not to be, and today oil prepares for the Fed meeting. The EIA says that in 2016, crude oil production is expected to be close to the historical high of 9.6 million barrels per day, a record set in 1970.