Oil turns around and settles lower

By FXStreet Crude oil prices started the day with a positive tone, with WTI futures jumping to a 3-day high of $33.57 a barrel. The commodity, however, reversed early gains and fell to negative ground for the day during the American session, dragged lower by a dollar’s brief recovery across the board. WTI for March delivery settled down 1.7% at $31.72 a barrel.

WTI technical view

“The daily chart shows that the technical indicators have turned south within positive territory, as the price struggles around the 38.2% retracement of the latest bearish move, and the 20 SMA holds flat a few cents below the mentioned daily low”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators have also turned south, with the RSI indicator entering bearish territory, and the price approaching a strongly bearish 20 SMA”.

Support levels: 31.50 31.00 30.40. Resistance levels: 32.35 32.95 33.60.
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Source:: FX Street