WTI Crude Oil Extends Declines for the Second Week

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Oil prices continue to move lower, marking a second consecutive week of declines.

Following the breakdown below the 38.83 level of support, oil prices are now trading close to the 36.5 level of support.

A retest of this support is inevitable, but it could offer temporary relief for prices from falling further.

If there is a bounce off this lower support area, we could see some sideways movement between 36.50 and 38.83.

But a close below the 36.50 level of support could signal further declines.

The upside remains weak for the moment. Any gains could see the 38.83 level coming in as resistance and putting a lid on any further gains.

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