The daily chart for WTI crude oil shows that the price has broken below the $60 level and continues to move toward the long-term pivotal area near $55. A break below the $55 zone could trigger strong selling pressure and keep oil prices in a sharp decline.
Oil has remained in a strong downtrend since the beginning of 2025, and a sustained move below $55 would likely add further pressure, pushing prices to lower levels.
The importance of the $55 region is also evident on the weekly chart below, which shows that a break below this level would confirm a breakout from the wedge pattern and the long-term support. This move would likely trigger strong selling pressure in the oil market.
