Any opinions on what oil prices will do next year??
OPEC revises up 2010 world oil demand
By TAREK EL-TABLAWY (AP) – 1 day ago
CAIRO — OPEC nudged its 2010 forecast for global oil demand slightly higher Tuesday, a week before it's due to meet, but cautioned that the pace of the global recovery may affect consumer appetite for its chief export.
The 12-nation Organization of the Petroleum Exporting Countries said in its December Monthly Oil Market Report that world oil demand was expected to increase by 800,000 barrels per day to 85.13 million barrels per day, largely from developing countries. That's a 70,000 barrel per day upward revision from its November forecast.
Crude returned to test the resistance level for the descending channel that organizes present trades on the short term, which is at 73.20 after achieving the bullish pattern's targets mentioned yesterday. Momentum indicators show overbought signs; therefore chances of resuming a bearish direction will remain intact. From here, we expect a bearish intraday targeting 71.70 mainly and then 69.30, which requires 73.20 to remain intact as the four hours close below it. The breach of this level will pave the way to complete the bullish technical pattern, which is supposed to reverse the short term direction into bullish, which initially targets $76.00 per barrel.
The trading range for today is among the key support at 69.30 and the key resistance at 76.00.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
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