WTI Crude oil fell more than 6% during Tuesday's session amid a sharp sell-off. Over-supply concerns and the increase in the production from non-Opec members continue to weigh on the black gold. The price has fallen practically on every single day in November, dropping from its 4-year high in October, a staggering 27% in value. Another factor behind the slide is the continuous increase in strength of the US Dollar.
Crude oil prices continue to decline sharply and this time dropping by more than 6% in just one day. The price is currently hovering just above the $55 support level with rare extreme oversold conditions. However, no sign of reversal seems to show up as the price is consolidating at the lows in a very tight range. Today we will be focusing on the $52.04 support level.
Support: 54.99 / 52.04
Resistance: 57.87 / 59.01