WTI slumps another 5% as demand outlook is cut

Crude oil prices continue to push lower, losing over 5% on Wednesday.

The declines come as forecasts for the global outlook for crude oil indicate a sharp fall.

This comes just a day after Saudi Arabia and Russia agreed to production cuts.

Price action is down at 30 March lows of 19.50. A breakdown below this level will likely see new declines.

However, it also raises the prospect of a possible bottom forming if the support level holds.

The range within 22.00 and 19.50 could likely stay in place for the moment.