 Hello, welcome to today's CMC Markets Commodity Snapshot with myself Jasper Lawler. There's an interesting triangle pattern happening longer term in Brent crude oil, and today we saw the release of an OPEC report, so we're going to be discussing that further today. Now OPEC have essentially cut their demand for OPEC Brent crude oil for 2014. The two main reasons for that is a slight slowing down in demand from China and an increase in production of Brent crude WTI, sorry, from the US. That combined with the organization allowing higher production from Iran and Libya, which were recently cut off, their sanctions, etc., were going to be reopened and so those countries will be producing more oil. The general idea being higher supply of oil, lower demand generally points to a lower price for oil. So that's all a bit bearish for the price of oil. So then the question is what can push prices higher? One thing would be a government stimulus program from China. If there was higher demand out of China as a result of that program, that would likely push oil prices higher. The other thing would be sanctions in Russia. That would restrict supplies of oil likely out of Russia. That could push prices higher. The other thing would be a shock to the US dollar. All oil is priced in US dollars, so if US dollar got knocked down, perhaps an increase in the quantitative easing, a complete cancellation of the tapering program, that would obviously push the dollar down and so that would likely impact it. Otherwise it would just have to be some kind of supply shock. There are a few politically exposed countries subject to these kinds of shocks in Nigeria. You can have pirates taking over all platforms there or any other political factors in these kind of countries can suddenly spike prices higher. So that's something to always be aware of when trading. Now taking a look at the chart for Brent Crude oil, what you can see is that recently we've been stuck in this range from 105 to 103. Now we recently came off the bottom of that range and that does correspond with a longer term triangle pattern. Now we are more than 75% in towards the apex of this triangle, so a strong breakout from the triangle seems unlikely. Yet a strong weekly bullish pattern off this bottom of the triangle and this 105 type area does suggest maybe some short term strength. The other consideration is that we are holding above the 200 week SMA, so that generally points to higher prices, although we are below the 200 day SMA. The RSI doesn't tell us too much at the moment, it's ranging around the 50 level, so perhaps once we do see some significant hold above 50 or below 50 in the RSI that would be another indication as to which prices, which way prices eventually go out of this triangle pattern. Right, thank you for watching today's commodity snapshot. Watch out for the price of the US dollar, watch out for any further reports out of OPEC, watch out for what's happening in China and Russia. Otherwise, good luck with your trading. Thanks again, my name's Jasper Lawler and this is CMC Markets.