Brent crude oil price are under moderate pressure on Monday, July 13 as the talks in Vienna on Iran’s nuclear program are nearing completion. The world’s leading media quoted diplomatic sources reported that the likelihood of their successful completion is regarded as very high.
However, according to the news agency Reuters poll 80% of professional market participants believe Iran until the end of 2015 will be able to bring to market a maximum of 500 thousand barrels per day. At the same time half of them said that this figure will not exceed 250 thousand. Global oil consumption is about 93 million barrels per day.
Contracts are attempting to gain a foothold above the 50-hour moving average, and if they can overcome the resistance of 58.80, they may be interested to find long positions.
|Brent crude oil price chart|