WTI Crude Oil Bounces Off 15-Month Lows to Trade at About $66.75

WTI Crude Oil Bounces Off 15-Month Lows to Trade at About $66.75

From fxdailyreport.com

The WTI crude oil price on Friday plummeted to a new 15-month low of about $66.12, before bouncing back later to trade at $66.75. The light crude oil price seems to be trading within a sharply descending channel formation in the 60-min chart. The oil price has now plunged to trade several levels below the 100-hour moving average line. However, Friday’s late rebound prevented the price of oil from slipping back to the oversold levels of the 14-hour RSI. WTI Crude Oil Fundamentals Overview From a fundamental perspective, the oil price is trading at the back of a relatively busy period in the market. On Friday, the ... (full story)

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