OIL.WTI is continuing its march lower after breaking below $49.4 handle. From a technical point of view, bears seem to be in advantage now. Oil market is trading nearly 3% today. The key support to watch can be found at $46 level, where the 161.8% Fibonacci retracement is located. The upper limit of local 1:1 structure can be considered the nearest resistance, should the upward correction start.
OIL.WTI H1 interval. Source: xStation5