A sustained move under $53.61 will signal a good sellers which indicates a bull trap. This will trigger a labored break with potential targets coming in at $52.40, $51.29 and $50.66. If $50.66 fails as support arehorrified to find that the selling to extend to the main retracement zone at $50.28 to $48.83.
A sustained move over $54.00 will indicate a good buyers. This can also indicate that Friday’s move was fueled by fake buying rather and 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 may significant effect on the globe oil market. Iran’s oil reserves include the fourth largest on the globe and the’ve a production capacity of around 4 million barrels per day, driving them to the second largest producer in OPEC. Iran’s oil reserves take into account approximately 10% from the world’s total proven petroleum reserves, in the rate from the 2006 production the reserves in Iran could last 98 years. Most likely Iran include about One million barrels of oil each day towards the market and in accordance with the world bank this can lead to the decline in the crude oil price by $10 per barrel pick up.
As outlined by Data from OPEC, at the beginning of 2013 the most important oil deposits will be in Venezuela being 20% of worldwide oil reserves, Saudi Arabia 18%, Canada 13% and Iran 9%. As a result of characteristics in the reserves it’s not always easy to bring this oil to the surface because of the limitation on extraction technologies as well as the cost to extract.
As China’s increased demand for propane as an alternative to fossil fuel further reduces overall interest in oil, the increase in supply from Iran along with the continuation Saudi Arabia putting more oil on top of the market should start to see the price drop in the next Twelve months and some analysts are predicting prices will get into the $30’s.
To read more about crude oil price forecast today please visit site: visit site.