The unrest in the Middle East keeps influencing the global market of crude oil. Since the beginning of the year crude oil has gained in value 18% against the background of the political conflicts spreading over Tunis, Egypt, Syria, Libya, Bahrain and Yemen. Analysts are currently focused on the situation in Syria, saying that the tense situation in the Middle East is not improving.
According to the survey conducted by Bloomberg, 45% of the respondents (analysts) expect crude oil to grow in price, 27% anticipate a decline, while the rest say that the price will be moving in a range.
Last week’s electronic trading at NYMEX showed the decline of May’s WTI crude futures by 4,18% ($4,68) down to $108,11/b. On Friday the price declined even more by 0,32% ($0,35) down to $107,76/b.
Yesterday there was a slight upsurge, breaking above the 161.8 Fibo level (black line) and returning below it. According to the Department of FMA-SAR, Masterforex-V Academy, the price has confirmed the desire to go down to the 100% Fibo level. After that the price may rebound from it and head for the previous high at $113,439, forming another price range within the 2 mentioned levels. Then the price may rebound from the lower border of the flat range and break above the $113,439 level (in this case we will specify the movement targets). If the price fails to break above the upper border of the range, it may decline down to $102,509.
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