WTI oil price fell to the session low at $53.62 (the lowest since Oct 2017) in steep bearish acceleration in early US session trading on Tuesday.
US stocks were sharply lower on opening, pressured by poor forecasts from retailers and concerns in tech sector, causing turmoil in the markets.
The dollar was up against its major counterparts, sending commodity prices lower.
Crude price was already vulnerable after recovery attempts stalled and sentiment further soured on stronger greenback.
The oil remains under strong pressure on strong sell-off, driven by rising concerns about global oversupply and persisting US/China trade tensions which could escalate and dampen global demand for the energies.
Completion of near-term $54.74/$58.14 corrective phase signals continuation of larger downtrend, as oil price is on track to generate strong bearish signal on eventual close below key Fibo support at $55.35 (61.8% of $42.04/$76.88), which could open way towards psychological $50 support.
Res: 55.35; 57.43; 57.80; 59.33
Sup: 53.62; 52.84; 51.98; 50.26
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