WTI crude oil prices are down over 28% on the day again.
This comes just after the commodity marked a strong rebound following last week’s drop into negative territory.
The declines in crude oil, however, keep prices within the range of 18.62 and 12.34.
Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
The new declines come on the back of oversupply concerns.
As long as prices hold near the 12.34 level, we expect the declines to be limited, but expect volatility to rise on a breach below this level.