WTI crude oil prices closed lower on Thursday. The declines came despite concerns about the quality of oil coming out of Russia. Poland, Germany and the Czech Republic announced that they would stop purchasing crude oil from Russia, leading to a shut down in one of the pipelines. This is estimated to affect about 1% of global supply.
Crude Oil Could Turn Flat
The WTI crude oil extended the declines, trading close to the support level of 64.55. A retest of this level will mark a test of support. This could keep oil prices supported to the upside. The overall trend is likely to turn flat from this point in case of an upside bounce.
