Oil is close to this year's lows 44 $ -45 $ per barrel, which should in the near future to limit further declines in prices. Nevertheless, you should remember not only the production oversupply by the OPEC area countries, which to a large extent, does not allow for the development of correction, or larger increases. Yesterday the US Department of Energy gave information on oil stocks, which fell by -4.41 million barrels against a forecast of 1.5 million. Despite reading, which is support for the demand side, we saw further declines. In addition, increases are not conducive weak readings from China, the largest buyer of crude oil.
Considering crude oil from the technical analysis, we can be tempted to say that in the near future is a chance for a rebound. Indicators on all intervals indicate the extreme oversold, which should greatly weaken further declines and to support the demand side. The first goal should be around the $ 48.80 level, then at a later date, we can be tempted to increases in the vicinity of $ 51.20.
In the case of any correction, you should keep in mind the fundamental data and these are not conducive to strong increases. It is worth mentioning that in the near future to fight for the market will turn to Iran, which will be able to produce up to one million barrels a month! Already, the Iranian oil minister Bijan Zanganeh Nadmar said that this could be in November. Iran can play a key role in shaping crude oil price on world markets because of its huge deposits of oil, which are assessed currently at 9.3% of total oil reserves. This amount gives Iran the 4th place in the world.
Considering crude oil from the technical analysis, we can be tempted to say that in the near future is a chance for a rebound. Indicators on all intervals indicate the extreme oversold, which should greatly weaken further declines and to support the demand side. The first goal should be around the $ 48.80 level, then at a later date, we can be tempted to increases in the vicinity of $ 51.20.
In the case of any correction, you should keep in mind the fundamental data and these are not conducive to strong increases. It is worth mentioning that in the near future to fight for the market will turn to Iran, which will be able to produce up to one million barrels a month! Already, the Iranian oil minister Bijan Zanganeh Nadmar said that this could be in November. Iran can play a key role in shaping crude oil price on world markets because of its huge deposits of oil, which are assessed currently at 9.3% of total oil reserves. This amount gives Iran the 4th place in the world.