Crude oil headed toward the second weekly loss against the backdrop of fears that the worsening debt crisis in Europe will lead to a recession, which if achieved could lead to dire consequences for the demand and oil prices in the future. However, prices have stood relatively well in the light of the continued worsening of geographical risks – political, linked to Iran. Has called on France to impose a European ban on Iranian oil on the back of intentions that are still not known about its nuclear program. This involves the risk of an escalation in tension between Iran and the outside world.
Controlled by Iran is already on the Strait of Hormuz, through which nearly one-third of the oil transported by sea and coming from the Middle East, and can occur any escalation of tensions or influence later on oil prices at a worse time for consumers of the present time in light of the economic crisis.
And continued demand for oil and oil products, in particular bilateral, especially with diesel to go to China, within healthy levels despite the headwinds of the economy overall. This is supported by the shape of the curve downward, where Brent was trading in the spot price of oil more than the futures price. And the support is currently in the range 105 to Brent with the breaking of the scope of at least ability to move towards an end of $ 100.