Crude Oil recap for 12.10.2015
Crude has tumbled yesterday as the Iranian deal was sealed for good and followed up profit taking pushing the price down for $3.07 from its high at 50.52. Price has also passed $50 which may be an indicator that the downtrend will resume or a correction will occur to 46.66. Still after the Iranians were given the green light four months ago to join the "Oil game" price will most probably be subdued with another oil producer coming into the market rushing their barrels also to the currently oversupplied oil market. Another test at 44.40 is also possible and a break there and a firm close bellow will likely confirm that the price is going to go even more south to 39.51. I personally will wait and see what will the price do for a week or two for a confirmation where will be the price heading for the end of the year.