Oil prices continued to decline sharply on Thursday. The earlier gains in crude oil prices were erased as the commodity slipped to the lowest level in a month. Crude oil prices attempted to bounce higher earlier in the day. This came after news reports that Iran seized a foreign oil tanker. But the declines soon resumed in the back of the EIA’s inventory report on Wednesday.

WTI Crude Oil to Test Short Term Support

The current declines in crude oil prices are likely to push the commodity to establish the support area near the 54.42 level. This is a minor support area that will be tested. If the support fails to hold the declines, oil prices could be potentially aiming for the 51.70 level of support below.

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