Iran nuclear deal, Russia's huge oil/gas 30 years offer to China (of course, Chinese goverment love cheap price deal) and global trend of renewable energy/ effiecient energy and new hi-tech efficient oil rig produce more oil but less cost operation ... In long term it sounds bearish. I'm not sure how it will affect oil price market in the future to make right prediction.
However, chart shows a decending triangle, and price is approaching the up trend line in 4h time frame, and it migh be broken-down.
Low oil price also encourage household spending more due to low transportation costs. Think about global economy is slowing down plus high cost gasoline, it can be dangerous.
Thank you for your reading.
Note: This chart is for personal study.
However, chart shows a decending triangle, and price is approaching the up trend line in 4h time frame, and it migh be broken-down.
Low oil price also encourage household spending more due to low transportation costs. Think about global economy is slowing down plus high cost gasoline, it can be dangerous.
Thank you for your reading.
Note: This chart is for personal study.
