WTI Crude oil prices plummeted 1.2% on the day after price briefly tested intraday highs of $62.85. The declines came on worries that the escalating trade wars could potentially hit global growth. Meanwhile, news reports about two Saudi oil tankers being sabotaged led to a brief rebound in price earlier in the day.
WTI Crude Oil Could Remain Flat
Despite the intraday bounce, the short term outlook for oil prices remain flat. Trading within the established range of 62.85 and 60.33, we do not see this range being breached. The bias remains to the downside for the moment as oil prices could establish the support at 60.33 more firmly. Failure to retrace back to 64.65 could see price starting to build the upside momentum if the lower end of the range holds the declines.
