Crude oil prices remained under pressure not because it was looking weak on chart but oil hit by two major news last week , one by OPEC which said it would keep its production on higher side and it has no plan to cut the production and second was from US inventory rose 2nd week continously , market still trying to digest OPEC decisions not to cut production and Iran news which came as a surprise , Market worrying what if Iran starts exporting its oil to market , No doubt crude oil will feel heat again once Iran starts its business and start sending its black gold to the world .
WTI Crude oil has a crucial weekly technical support at 44.80$ once it goes and oil close below this level then expect crude oil to face heat upto 42$ – 40$
If crude oil price click our weekly technical resistance t 49.20$ and close above our major hurdle then expect oil prices to give some relief to buyers upto 51$ – 53.30$ this week
Crude oil forecasts conclusion : Oil prices looking weak and trend is down as well
More will update in live market hours