The euro area economy contracted marginally in the third quarter as previously estimated, solely due to weaker global demand, suggesting that the currency bloc is on the verge of a recession.
Euro area is on the brink of recession as the economy of the single currency bloc failed to grow in three out of the last four quarters, latest data from the statistical office Eurostat showed Tuesday.
Crude producers group OPEC takes another swipe at oil market speculators and dismisses demand concerns. However, the direction of the global economy is far from clear.