Crude oil price after trading above $50 failed and moved down against the US Dollar. The recent decline was sharp as the price settled below the $48.00 support.
Recently, there was a break of an ascending channel pattern with support at $48.40, opening the doors for more losses. The price seems to be heading towards the 1.3618 extension of the last wave from the $48.10 high to $49.26 low at $47.38.
On the upside, the broken support at $48.20-48.40 might act as a hurdle for buyers in the near term. Overall, selling pressure is intact on Oil, and its price may continue to decline.