Crude Oil Prices May Keep Falling As PMI Data Shows Inflation Swell

Crude oil prices are extending lower as expected after clearing support at 63.53. Sellers now look poised to challenge 60.61. If that too is breached, the pivotal neckline of a would-be Double Top formation comes into play at 57.25. A daily close under it completes the pattern, implying a drop below $47/bbl to follow.

Alternatively, reversing back above 63.53 – now recast as resistance – would put the ceiling in the $66-68/bbl zone into focus. Securing a foothold above this threshold seems like a prerequisite for neutralizing near-term selling pressure and setting the stage for gains.

Crude Oil Prices May Keep Falling as PMI Data Shows Inflation Swell

Crude oil price chart created using TradingView

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