A sustained move under $53.61 will signal the use of sellers indicating 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 then look for the selling to extend in to the main retracement zone at $50.28 to $48.83.

A sustained make room $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 will not continue and testing $54.98 is a fantasy for buyers from fuelled trade talks.

Lifting Iranian sanctions may significant affect the entire world oil market. Iran’s oil reserves would be the fourth largest on the globe and they’ve a production capacity of approximately 4 million barrels per day, making them the second biggest producer in OPEC. Iran’s oil reserves account for approximately 10% in the world’s total proven petroleum reserves, on the rate from the 2006 production the reserves in Iran could last 98 years. Almost certainly Iran include about A million barrels of oil per day on the market and in accordance with the world bank this will likely result in the cut in the crude oil price by $10 per barrel next season.

According to Data from OPEC, at the outset of 2013 the biggest oil deposits will be in Venezuela being 20% of worldwide oil reserves, Saudi Arabia 18%, Canada 13% and Iran 9%. Due to the characteristics of the reserves it is not always possible 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 option to fossil fuel further reduces overall interest in oil, the increase in supply from Iran along with the continuation Saudi Arabia putting more oil onto the market should start to see the price drop on the next Yr and a few analysts are predicting prices will belong to the $30’s.

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