Crude prices are bedding back down today after Thursday saw WTI peak at $67.60 as US oversupply is back in the front view for investors, helping to drive Crude prices back down. US Crude stockpiles continue to climb, and according to market research firm Glenscape, Crude stockpiles rose to 33 million barrels on Tuesday.
Prices have been steadily declining for nearly four weeks, peaking at $77.00 in early October and tumbling steadily ever since. And for the first time since September of 2017, WTI barrel prices are trading below the 200-day moving average, currently sitting just below the $67 level. The RSI still looks mixed suggesting we are still not oversold and further decline is expected in the near term.
Support: 65.9 64.77
Resistance: 66.71 67.21