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WTI crude oil prices are down nearly 3% intraday on Thursday. The declines came following price action breaking out of its range after nearly a week.
The current declines, however, saw oil prices falling to a one-month low.
Prices touched lows of 38.70 before pulling back.
However, the main lower support is near the 37.50 – 38.00 level.
Therefore, there is a potential for prices to extend the declines a bit more.
In case of a rebound, watch the 40.00 level. If resistance forms here, then we could expect to see further declines.
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