Crude oil prices resumed their declines after the tensions in the Middle East showed signs of easing. Saudi Arabia declared a partial cease-fire in Yemen, a move that could potentially soften the tensions in the region.
WTI Crude Oil Declines to Test the 54.42 Support
Price action in crude oil has been somewhat volatile. Various attempts to extend lower were met with strong price rejection. However, the overall trend in crude oil remains to the downside.
Amid a lack of the bearish momentum, price action could remain somewhat range-bound before falling lower. The support area of 54.42 will also mark the gap being filled.
