Crude oil prices were a bit volatile on Friday. Crude oil prices rose intraday after Libya’s chairman of the National Oil Corporation warned that the civil unrest in the country could hit production. The news sent oil prices higher during the day, but the commodity erased the gains by Friday’s close.
Can Cude Oil Prices Extend the Declines?
Oil prices have managed to close flat on Friday but after today’s open, we could expect to see a modest retracement. The upside remains flat for the moment, but WTI crude oil could test the 64.32 level of resistance once again in the near term. A close below the previous low of 63.34 will confirm the downside. We expect oil prices to test the support at 63.19 initially.
