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Word Count: 881
Crude oil a vital world resource is slowly becoming more affordable Political turmoil in one of its members states and the threat of sanctions against another sent gasoline prices near a dollar a litre recently But now that bubble has popped followed by a sharp fall of almost 60 cents a barrel With the fall of crude came the fall of crude heating oil and both of their respected future contracts Prices may be on the rise again depending on the outcome between the UN and Iran over its nuclear program With prices so high traders had a chance to recoup some losses during the short violate week before after big-time Russian crude producer OAO Gazprom cut back production to the rest of the EU to have enough supply for Russia during this colder than normal winter This was just a slight hiccup says Phil Flynn with US oil inventory data expected to show supply builds in gasoline and distillates Thursday The market is very bullish with many more being optimistic rather than pessimistic even though issues with Iran and Nigeria might erupt If Iran were referred to the UN Security Council the market would erupt in frenzy with every trader trying to buy as much as they could before prices go higher Supply and demand work different here because traders rather have product than not which results in huge sprees of buying that drive the price of gasoline and other related goods skyrocketing Eventually traders will sell that surplus and take some profit recovering from losses or pocketing the cash to use for another day OPEC is a collation of the major exporters of crude oil in the Middle East Africa Asia and South America This includes Algeria Indonesia Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia UAE and Venezuela OPEC currently controls 784 of the worlds Crude Oil supplies in the world OPEC manipulates prices by cutting or adding more to a total
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