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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.

TradingOil

The post WTI Crude Oil Breaks the Range to the Downside appeared first on Orbex Forex Trading Blog.


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