Oil prices were down 2.9% on Friday. The declines came after news sources cited that Trump told OPEC to tame fuel costs. The sharp declines in oil prices came after crude oil surged earlier in the week. The import waivers to eight countries came to an end, cutting off Iran from the international oil markets. The supply concerns lead to higher oil prices.
Can WTI Crude Oil Recover from Friday’s Losses?
WTI Crude oil fell to a three-week low by Friday’s session, closing at $62.83. Price broke past the initial support at 64.55. The declines to $62.83 coincide with the minor resistance formed around April 3rd. There is scope for oil prices to rebound off this level and possibly maintain a sideways trend for a short period. Watch for a retest of $64.55 where resistance could form.
