Oil prices trade deeply lower today as the impact of Russian supply recovery was more than enough to offset Saudi Arabia production cut. Indeed, Goldman Sachs has lowered its WTI forecast for December from 89 to 81 (above current level at around 68 though).
Technically speaking, WTI crude oil was clearly rejected by falling 55 D EMA repeatedly, keeping outlook bearish. Immediate focus is now on 67.05 support. Firm break there could prompt downside acceleration through 63.67 low to 61.8% projection of 83.46 to 63.67 from 74.38 at 62.14. Also,l outlook will stay bearish as long as 74.38 resistance holds, in case of another recovery.
