WTI crude oil prices are down about 7% intraday. This comes after prices were rallying sharply in the previous six sessions.
The retracement is showing prices testing the 25.00 handle.
As long as this level holds, crude oil prices see an upside bias with a possible consolidation taking place.
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However, a deeper correction could emerge. This will pull oil prices lower back to the 17.80 handle where support will be most likely forming.