A sustained move under $53.61 will signal a good sellers showing a bull trap. This will likely 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 the use of buyers. This will likely also indicate that Friday’s move was fueled by fake buying rather and simply buy stops. The upside momentum won’t continue and testing $54.98 can be a fantasy for buyers from fuelled trade talks.
Lifting Iranian sanctions may significant influence on the entire world oil market. Iran’s oil reserves will be the fourth largest on the planet and the’ve a production capacity of around 4 million barrels a day, driving them to the second biggest producer in OPEC. Iran’s oil reserves be the cause of approximately 10% of the world’s total proven petroleum reserves, with the rate in the 2006 production the reserves in Iran could last 98 years. More than likely Iran will prove to add about A million barrels of oil per day towards the market and in line with the world bank this can result in the lowering of the crude oil price by $10 per barrel next year.
In accordance with Data from OPEC, at the beginning of 2013 the most important oil deposits come in Venezuela being 20% of worldwide oil reserves, Saudi Arabia 18%, Canada 13% and Iran 9%. Because of the characteristics of the reserves it is not always easy to bring this oil towards the surface in the limitation on extraction technologies as well as the cost to extract.
As China’s increased interest in propane as an alternative to fossil fuel further reduces overall need for oil, the rise in supply from Iran along with the continuation Saudi Arabia putting more oil on the market should understand the price drop in the next Twelve months plus some analysts are predicting prices will fall into the $30’s.
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