As the 2012-12 being the center, patterns confirm the downward trend. Beginning Mid October decline should follow towards 27 dollar range by December 2016 and Possible peak bottom to -5 dollars in June 2017 with uncontrollable stop. There would be sudden uptrend 38 dollars by 2018 February and new low again to 16 dollars and 7 dollars by the end of 2018. Trend will follow near flat line towards 2033 until it's dead.
Green lines shows possible peaks and bottoms and they represent trend change.. but we could see global panic in 2017 that could drive oil to ZERO or below zero. I actually worked on this chart for more than a year.
ma.sanjuy
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i agree with you. if Oil was really in demand, where is the necessity of the top leaders of various Oil producing countries to cartelise the markets?? if you want to see the real price, let all the exchanges, where Oil is traded impose 100% margin and impose only physical delivery. You will realise the actual and fair price of Oil, which in today's time, would not be more than $20 pbbl. Moreover, even if Oil was available for free... world over consumers now want clean energy and Oil / Coal is being fast replaced by Solar energy. Oil - as a trade, is on its way to its death. No wonder, Saudis want to sell off the shares of ARAMCO.... as they know quite well, all that is fast depreciating asset.
eqoria
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USOIL should continously fall to 27 dollars until the end of the year.