According to Seven Star FX Research Center, the Research Team Forecast an oil price in 2016 can be much lower than $36 per barrel against the Current oil price of 45$ per barrel. Due to major global Economic Downturn where the bearish trend seems to be continuing. While in 2016, the Price seems to be much lower as $34 per barrel as possibility Due to Following Reason Given Below:
- Recession in major EU Countries.
- A drop of oil production in US
- Major Middle East Countries cut the Production due to Demand & Supply Demands.
- Lower Demand & Supply Level in Asian Countries.
- Ban on Further Import of Crude Oil in Several Powerful Economies
If the above Factor persists in the upcoming year 2016, then the Support & Resistance level range can place this condition well. In 2016, many Speculative & Short Term Traders would benefit with the Short term trading..!!