Oil markets continue to see steady declines with WTI barrel dropping 20% in price so far. With the crude market officially now in bear mode, investors are continuing to fear a slowdown in global growth at the hands of US President Trump's trade war with China. On top of that, the still-rising crude supply levels are also pushing prices further lower, with both OPEC and US-led production numbers set to increase even further.
Crude oil prices continue to break lower now breaking below the $61 level. The price is currently hovering just below the $60.67 resistance level, with no signs of reversal or buying interest. Momentum has declined again into oversold state and the next level we will be watching is the crucial $59 support level.
Support: 60.67 / 59.01
Resistance: 62.04 / 63.50