Crude oil prices posted sharp declines on Thursday as the price of WTI crude oil settled at 61.56. The declines in oil prices come as at the EIA’s weekly inventory report showed an increase in inventories. The declines marked a one-month low in oil. Volatility in the oil prices could continue as Iran’s sanctions on oil exports get underway.
Can Oil Recover from the Declines?
Oil prices could potentially rebound off the current lows. The recently breached support level at 62.85 could see price retesting this level. Establishing resistance here could signal a potential downside move. However, with the bearish momentum currently, oil prices could continue to extend declines. The downside could stall near the support region of 60.33.
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