Oil falls further after yesterday’s swoon – ForexLive

WTI down over 1% to $59.11

Oil

Risk sentiment is hitting a bit of a snag going into European trading, with oil prices falling further by a little over 1% now to a low of $59.11.

That extends the near 8% drop in oil from yesterday as the commodity pulls back from recent highs and trades below $60 once again for the time being.

Oil D1 19-03

The drop yesterday also broke below a key trendline support and puts the 19 February low @ $58.59 in focus. A break below that may set oil on the path of a deeper correction/retracement after a stellar start to the new year.

Invest in yourself. See our forex education hub.

Leave a Reply

Your email address will not be published. Required fields are marked *