Crude Oil Prices Were Still Depressed By Iran Production Issue

The price of crude oil futures still pressured on Tuesday (20/01) in the Asian trading session,with the return of Iran to increase satiety oil market supplies of crude oil are already plentiful.

The price of crude oil futures WTI traded at $ 29.14 per barrel at 0249 GMT, down 28 cents. futures price of crude oil While Brent next month remained below $ 29 a barrel at $ 28.84 per barrel after briefly rising in thin trading Tuesday.

Traders said that the difference in movement between Brent and WTI crude oil mainly due totechnical trading to get the two benchmark return a little closer together.

U.S. premium over Brent reaches highest level since 2010 on Monday because Iran's oil will be exported at a price of Brent to Europe and Asia, while the rules still restrict it to the United States.

The u.s. Government has also removed the ban on 40 years on reserves of crude oil, producing the oil flowing out of the US crude oil price zone and into Brent.

The price fell to the lowest since 2003 on Monday because of Western sanctions against Iran  were lifted. Tehran then ordered a sharp increase in production to take advantage directly.

Oil prices have fallen more than 70 percent in the last 18 months with exporters around the world produce more than one million barrels of crude oil per day more than the demand.

Most analysts forecast a full return to the Iran oil market becomes relatively slow because of the need to overhaul the infrastructure, but also Iran is estimated to have saved 12-14 million barrels of crude oil and 24 million barrels of condensate to be sold soon.

Goldman Sachs said that Iran's production will rise 285,000 barrels per day (BPD) on an annual basis by 2016, while BMI Research says the increase will happen to 400,000 barrels a day.

Forex Chair Center estimated the price of oil is still potentially experiencing the pressure of oversupply with the sentiment of the world crude oil and Chinese worries. Oil prices would move in a range of Support — $ 28.50 $ 28.00 per barrel, and the range of Resistance $ 29.50-$ 30.00 per barrel.