Todays Crude Oil Swing Chart Technical Forecast

A sustained move under $53.61 will signal the existence of sellers which indicates 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 arehorrified to find that the supplying extend in the main retracement zone at $50.28 to $48.83.

A sustained move over $54.00 will indicate the use of buyers. This may 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 affect the planet oil market. Iran’s oil reserves will be the fourth largest on the globe and the’ve a production capacity of approximately 4 million barrels each day, making them the second largest producer in OPEC. Iran’s oil reserves are the cause of approximately 10% from the world’s total proven petroleum reserves, at the rate with the 2006 production the reserves in Iran could last 98 years. Almost certainly Iran will add about 1 million barrels of oil per day to the market and based on the world bank this will likely resulted in the decline in the oil price by $10 per barrel next season.

According to Data from OPEC, at the beginning of 2013 the biggest oil deposits are in Venezuela being 20% of global oil reserves, Saudi Arabia 18%, Canada 13% and Iran 9%. Due to the characteristics in the reserves it is not always easy to bring this oil for the surface given the limitation on extraction technologies along with the cost to extract.

As China’s increased interest in natural gas as an option to fossil fuel further reduces overall need for oil, the increase in supply from Iran and the continuation Saudi Arabia putting more oil on the market should start to see the price drop within the next 1 year and a few analysts are predicting prices will get into the $30’s.

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