📉WTI oil tumbles nearly 4%

6:52 PM August 2, 2021

❗The price of WTI crude oil broke below major support zone

Within the last couple of hours, crude oil prices have been trading under increasing selling pressure. So far, no key information has been published that could affect the fundamental situation of "black gold". Therefore, it cannot be ruled out that the ongoing declines are of a technical nature. On the H1 chart, the price of WTI oil broke below the lower limit of the upward channel - oil prices have been moving inside this channel for more than a week, with the upper and lower boundaries being tested several times. In addition, the WTI fell below the 100- and 200-hour moving averages that had also served as support in the past (numerous stop losses could have been triggered). Another important psychological support is located at $ 70 per barrel.

OIL.WTI, interval H1. Source: xStation5

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