Oil Prices Extend Declines for Second Consecutive Day

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Crude oil prices are down about 1.25% intraday on Tuesday. The declines come following a nearly 3% decline on Monday.

Price action is however trading near the support level of 47.17 for the moment.

We could expect this level to hold with the Stochastics oscillator also pointing higher.

A rebound off this level should however see new highs coming along. Failure to do so could open the downside risks in the oil markets.

Below 47.17, the next key level of interest is seen near the support area of 45.26.

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