Crude Oil Price News and Forecast: WTI vulnerable below $60 a barrel

WTI Oil Outlook: bear take a breather after 4.5% fall; outlook remains negative

WTI oil price is holding within narrow consolidation on Thursday, following 4.5% fall on Wednesday on comments from President Trump who said the US refrains from further military action. The sentiment was additionally weakened by unexpected rise in US crude stocks, helping fresh bears to register the biggest one day loss since 29 Nov. Wednesday's large bearish candle with long upper shadow weighs on near-term action and signaling further weakness, as daily momentum broke into negative territory and continues to head south. Read more...

Oil Price Analysis: WTI vulnerable below $60 a barrel

The crude oil West Texas Intermediate (WTI) rejected the 65 handle while maintaining above the main SMAs. Thursday was a consolidation day and is about to end within Wednesday’s range.  

Crude oil four-hour chart

Black gold is consolidating the sharp selloff to $59 a barrel and the 200 SMA on the four-hour chart. As the bears are keeping the pressure on, the market is more likely to continue to drift lower towards 57 and 55.50 price levels. However, a consolidation in the 61/59 range is not to be ruled out. Resistances are seen near 61, 62 and 63 handles. Read more...

WTI looks to settle below $60 as selloff on easing geopolitical tensions continues

Crude oil prices continued to push lower after suffering heavy losses on Wednesday as easing worries over a protracted US-Iran conflict and its potential negative impact on oil supply caused investors to book their profits following the sharp rally witnessed during the first half of the week.

The barrel of West Texas Intermediate (WTI), which touched its highest level since April at $65.60 on Wednesday, closed with a daily loss of more than 4% and was last seen trading at $59.55, erasing 0.7% on a daily basis. Read more...