Oil remains under pressure on lingering supply glut concerns

By FXStreet FXStreet (Córdoba) – Crude oil prices remained under pressure, with WTI ending the day pretty much flat after posting a lower low and a lower high daily basis. The London benchmark, however, sunk to a fresh 11-year low amid lingering concerns over a worldwide glut, with Brent hitting $36.05 a barrel before staging a mild bounce.

WTI technical view

“As from the technical outlook, is still strongly bearish as the 20 SMA has accelerated further lower far above the current level, while the technical indicators hover near oversold readings, far from suggesting a change in the dominant bearish trend”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA caps the upside now around 36.20, while the technical indicators present limited upward slopes, but within bearish territory”.

Support levels: 35.20 34.60 34.10. Resistance levels: 36.20 36.60 37.10.
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Source:: FX Street