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BITCOIN 781.950 11:20 03.12
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As any Binary Option Trader worth their salt already knows, commodity prices, especially oil fluctuate widely due to major international decisions. I thought it may be wise to discuss 3 major global issues affecting the price of oil this week.

Lets begin with the supply side;
Iranian Sanctions – Oil prices rallied over 1.2% on Monday after talks between Iran and six global powers in Geneva ended without a resolution that would ease sanctions against Tehran’s oil exports in exchange for concessions on its nuclear work. Trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than one million barrels per day of oil from the global market.

Demand –
Market players are looking to the outcome of a four-day meeting of China’s top Communist Party officials, amid expectations that the country’s new government will unveil economic reforms. China is the world’s second largest oil consumer after the U.S. and has been the engine of strengthening demand, this decision will affect the price of oil in the near – mid future.

Binary Traders may also be wise to notice the broadly stronger U.S. dollar and ongoing uncertainty over the duration of the Federal Reserve’s stimulus program weighed. Demand for the USD continued to be underpinned amid speculation the Fed will begin tapering its asset purchase program at its December policy meeting. Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies. The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.

Oil prices are likely to find support today at $93.68, the low from November 6 and resistance at $96.64, the high from November 1.

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