Oil prices slipped to a four-week low, testing 61.48 before pulling back modestly on the day on Friday. The declines in oil prices continue amid concerns of oversupply. US crude oil inventories have posted a bigger than expected draw which offset the supply shortages in pipelines from Russia.
Oil Likely to Rebound from 60.33
After breaking past the support level at 62.85, oil prices fell before pulling back from the lows. On today’s open, oil prices gapped lower to test the 60.33 support. A rebound from this support level will keep oil prices trading flat within 62.85 and 60.33 levels in the near term.
