Todays Crude Oil Swing Chart Technical Forecast

A sustained move under $53.61 will signal a good sellers revealing a bull trap. This will likely trigger a labored break with potential targets weighing $52.40, $51.29 and $50.66. If $50.66 fails as support arehorrified to find that the supplying extend in the main retracement zone at $50.28 to $48.83.

A sustained make room $54.00 will indicate a good buyers. This may also indicate that Friday’s move was fueled by fake buying rather and simply buy stops. The upside momentum is not going to continue and testing $54.98 can be a pipe dream for buyers from fuelled trade talks.

Lifting Iranian sanctions will have a significant impact on the planet oil market. Iran’s oil reserves include the fourth largest on earth and they have a production capacity of about 4 million barrels each day, causing them to be the second largest producer in OPEC. Iran’s oil reserves be the cause of approximately 10% with the world’s total proven petroleum reserves, with the rate from the 2006 production the reserves in Iran could last 98 years. Most likely Iran create about 1 million barrels of oil a day to the market and in line with the world bank this will likely result in the lowering of the crude oil price by $10 per barrel next season.

Based on Data from OPEC, at the outset of 2013 the most important oil deposits come in Venezuela being 20% of worldwide oil reserves, Saudi Arabia 18%, Canada 13% and Iran 9%. Due to the characteristics in the reserves it is not always very easy to bring this oil towards the surface due to the limitation on extraction technologies and also the cost to extract.

As China’s increased interest in natural gas as an option to fossil fuel further reduces overall demand for oil, the rise in supply from Iran and the continuation Saudi Arabia putting more oil to the market should understand the price drop over the next 12 months plus some analysts are predicting prices will get into the $30’s.

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