Oil posts third daily loss in a row

By FXStreet FXStreet (Córdoba) – Crude oil prices fell for a third day in a row, although WTI crude oil futures recovered most of its intraday losses and closed the day a few cents below its daily opening around $46.60 a barrel.

The commodity continues to be weighed by global glut supply concerns, whilst negative news coming from China, spurred concerns over the country’s demand of oil.

WTI technical perspective

“Technically, the daily chart shows that the price fell a few cents below the daily descendant trend line broke last week, but managed to bounce some and is now stuck around the 20 DMA, and below a bearish 100 DMA, currently around 48.10. In the same chart however, the Momentum indicator heads slightly higher above its 100 level, whilst the RSI indicator maintains a bearish tone around 49, this last, limiting chances of a stronger recovery”, said Valeria Bednarik, chief analyst at FXStreet.

Bednarik notes that the risks remains on the downside, should the price accelerate below the 45.90 level, the daily low and the immediate support.
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Source:: FX Street