Crude oil prices were down over 2% during the intraday on Wednesday. The declines came despite disruptions to oil supply lines in Libya. Earlier in the week, the EIA forecast that prices of Brent crude oil could be slightly lower by the middle of the year. Investors await today’s weekly inventory report.
WTI Crude Oil Could Slip to $56 a Barrel
The current declines in crude oil prices could push the price lower down to the $56.00 level. The bearish momentum could push oil prices lower over the near term. The Stochastics oscillator remains oversold, but the price action from the daily chart dictates that further downside is likely.
