EU finance ministers have brought forward their meeting (to Jan 23rd) in order to solve the Iran oil issue a week before the EU summit scheduled for Jan 30th.
Some experts believe that the embargo was put on the import of Iran’s oil as a protest against the country’s nuclear program. It should be noted that Iran is the world’s number 3 in terms of crude oil reserves (150B barrels). Iran produces some 3.5M barrels a day, thus yielding only to OPEC and Saudi Arabia.
According to the Department of Market Sentiment Analysis of , the CRUDE OILLIGHT SWEET futures contract has slowed down its rally and will probably continue its movement within the wide range between $93 and $103:
The H1 chart shows that the price has broken the downward sloping channel. In case the price consolidates above $102, the next target will be $104.
