Crude oil prices continued to be pressured to the downside. This came after Saudi Arabia said that it expects oil production to resume ahead of schedule.
What once seemed like a major issue in the oil markets has now receded. Despite the declines, the pace has been somewhat limited for crude oil prices.
A weak economic sentiment from the eurozone continues to point to slower growth which could curb the demand for crude oil.
Crude Oil Likely to Test Lower Support
The momentum in crude looks to be stalling. However, prices managed to extend minor declines after closing with a doji pattern on Wednesday.
Currently, the bias remains to the downside, with the support area of 54.42 within scope. Near term correction will test the resistance level of 57.50.
