Todays Crude Oil Swing Chart Technical Forecast

A sustained move under $53.61 will signal a good sellers indicating 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 selling to extend in the main retracement zone at $50.28 to $48.83.

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

Lifting Iranian sanctions have a significant affect the world oil market. Iran’s oil reserves include the fourth largest in the world and the’ve a production capacity of approximately 4 million barrels a day, driving them to the second largest producer in OPEC. Iran’s oil reserves are the cause of approximately 10% of the world’s total proven petroleum reserves, at the rate from the 2006 production the reserves in Iran could last 98 years. Almost certainly Iran will add about 1 million barrels of oil a day on the market and in line with the world bank this can resulted in lowering of the crude oil price by $10 per barrel next year.

In accordance with Data from OPEC, at the outset of 2013 the biggest oil deposits are in Venezuela being 20% of worldwide oil reserves, Saudi Arabia 18%, Canada 13% and Iran 9%. Due to characteristics with the reserves it’s not always possible to bring this oil to the surface because of the limitation on extraction technologies and the cost to extract.

As China’s increased need for natural gas rather than fossil fuel further reduces overall interest in oil, the rise in supply from Iran along with the continuation Saudi Arabia putting more oil on the market should start to see the price drop on the next Twelve months and some analysts are predicting prices will fall under the $30’s.

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