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Oil prices are down over 6% on the day as price broke past the previous support of 22.00.

On an intraday basis, oil prices fell to lows of 19.85 before pulling back modestly.

The breached support area of 22.00 will now turn to resistance if price fails to breakout above the level.

This will open the downside bias with further declines likely. In the event that oil pulls above the 22.00 handle then we could see some short term correction.

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