Present Crude Oil Swing Chart Technical Forecast

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A sustained move under $53.61 will signal the use of sellers revealing a bull trap. This may trigger a labored break with potential targets weighing $52.40, $51.29 and $50.66. If $50.66 fails as support then look for the supplying extend in the main retracement zone at $50.28 to $48.83.

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

Lifting Iranian sanctions have a significant impact on the planet oil market. Iran’s oil reserves would be the fourth largest on earth and they have a production capacity of about 4 million barrels every day, which makes them the second biggest producer in OPEC. Iran’s oil reserves be the cause of approximately 10% with the world’s total proven petroleum reserves, on the rate with the 2006 production the reserves in Iran could last 98 years. More than likely Iran will add about A million barrels of oil each day to the market and based on the world bank this can lead to the decline in the crude oil price by $10 per barrel next year.

In accordance with Data from OPEC, at the outset of 2013 the largest oil deposits are in Venezuela being 20% of global oil reserves, Saudi Arabia 18%, Canada 13% and Iran 9%. As a result of characteristics with the reserves it’s not at all always very easy to bring this oil on the surface due to the limitation on extraction technologies as well as the cost to extract.

As China’s increased need for gas main rather than fossil fuel further reduces overall need for oil, the rise 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 within the next 1 year and several analysts are predicting prices will fall under the $30’s.

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