Oil Prices Break Below Key Support as Sellers Take Control

Crude oil prices have broken below their short-term support level, and traders are watching closely to see if sellers can maintain control. The technical picture is turning bearish as the price has fallen below its 100-hour moving average near $92.17 and a swing area around $92.29.

The market's reaction is worth observing, but progress in negotiations between Iran and the US would need to translate into action for it to have a lasting impact on oil prices. Buyers had their chance to push the price above resistance in the $97.00 to $98.48 area but were unable to do so.

The low reached about $91.56, which means traders are now looking toward the $88.77 swing level as the next potential downside target if sellers continue to press their advantage.