Crude oil prices fell over 5% on Friday. The declines came ahead of the OPEC meeting due this week. Speculation is rife that OPEC and Russia will vote to continue the current production cuts into March 2020.
WTI to Test Lower Support
Oil prices are back in the range of the 58.00 and 54.00 regions. This comes following the gains that pushed oil prices above the 58.00 handle. Failure to hold on to the gains saw oil prices crashing lower. The support area at 54.00 is on track to be tested once again. We expect that price action will later consolidate sideways within the said levels.
