WTI Crude Oil (current price: $48.08)
Oil continued lower towards the crucial support at $47 as the technical momentum seems to have turned bearish. U.S. Crude Inventories have declined as did the domestic production last week, but that wasn’t enough to lift the price of the crucial commodity despite the weakness of the Dollar. Oil now looks ready to fall as far as $45 if Brexit fears will continue to weigh on risk assets on the coming sessions.
Our assessment: Oil has been declining for almost a week now and further downside is seen by analysts for the commodities after the unprecedented rally off the February lows.
