Crude oil prices fell a further 2% into Friday’s close. The declines came following another strong day of selling, reflecting investor sentiment. The slump in crude oil follows similar trends in many other assets, notwithstanding the safe-haven gold as well. With OPEC members staying on the sidelines, investors are bearish on the commodity.
Can WTI Crude Oil Recover from the Slump?
WTI crude oil prices fell over 2% on Friday and hit a multi-year support level near 45.20. Given that this level held in the past, we expect to see some consolidation. The Stochastics oscillator points to a low momentum currently. Therefore, oil prices need to establish the bounce above 46.50 for any signs of a rebound.
