Crude oil prices extended declines further for a second consecutive day. WTI Crude oil fell over 3% on Tuesday. The declines came after Washington said that it was in talks with Tehran over the nuclear deal from which the US had pulled out earlier. This had led to escalating tensions between the US and Iran.
Crude Oil at Support
The declines in crude oil came as price stalled close to the resistance area of 60.64. This led to prices falling to the lower support area of 57.50 as a result. However, price action is likely to remain caught within the range established. A breakout below 57.50 could trigger further declines lower. The next main target will be the 50 handle which marks a psychological level of support.
