WTI Crude Oil Slumps Below Key Support Levels

WTI Crude Oil prices have been on a downward trend, failing to breach the $94.00 level against the US Dollar.

The bears have gained momentum below $82.00 and the 100 simple moving average (red, 4-hour), pushing the price below $80.00 and the 200 simple moving average (green, 4-hour).

With a close below $70.00, Oil prices could extend their losses, potentially reaching the $68.00 zone or even lower.

In contrast, resistance levels at $78.10, $80.50, and a connecting bearish trend line may hinder any potential upward momentum.