Crude Oil Price Prediction: Key Support Break Signals Further Downside Risk Ahead
Selling pressure intensifies with risk building toward lower price levels.Crude oil remains under sustained selling pressure following Wednesday’s decisive break below the 61.8% Fibonacci retracement level, a key support within the current corrective structure. As of Thursday, crude is trading near the low of the day at $64.16, placing it on track for what may become a nine-week daily closing low – an indication of growing downside momentum. A close near current levels would confirm a clear shor