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Oil settles below $41.00 a barrel

FXStreet (Córdoba) - Crude oil prices erased completely previous session’s gains, with WTI futures falling to $40.56 a barrel during the American session and settling a few cents above the mentioned low, down over 2.5% on the day.

As risk aversion eased, financial markets returned to their usual trading, with supply gluts becoming the main theme among crude traders as they await the US stockpiles reports from the API and the EIA.

Oil technical view

“The daily chart supports further declines as the technical indicators turned south and reached fresh lows after a limited upward corrective movement from extreme oversold levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart shows that the 20 SMA maintains a strong bearish slope, with selling interest surging on advances above it, in line with a downward continuation, whilst the RSI has resumed its decline and heads north around 38, also supportive of a bearish move below 40.00”.

Support levels: 40.10 39.20 38.50. Resistance levels: 40.70 41.35 42.50.

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