Crude Oil Extends Declines For Third Session

Oil prices are trading lower for the third consecutive session. The declines come following last Wednesday’s brief rise to the 41.00 handle.

Following this, price action has been trading weaker. For the moment, there is no fundamental news that can drive prices.

As a result, we could expect to see oil prices exhibiting low volatility. The current declines can be stalled with the minor trend line which could be tested.

A break down below this trend line might push WTI crude oil to the 10th July lows of 38.80.

To the upside, we may not see any gains unless the 41.00 handle is cleared.