WTI crude threatens the trendline since September

Oil technical analysis

WTI has taken a spill in the last hour. That’s a bit counterintuitive because the belief is that Pompeo is going to make it much more difficult for Iran to sell oil.

WTI tested $62 just over an hour ago but it’s fallen down to $60.40.

Technically, oil is now testing the uptrend that started in September. Along with last week’s lows and the psychological $60 level could make for a quick break to the downside.

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