Crude oil price reached a high of 59.55 yesterday. In the American and Asian session, the XBRUSD pair dropped and tested a low of 57.95.
Crude oil price fell deep into the bear territory after the EIA released inventories data for the past week. XBRUSD declined sharply to a low of $55.46.
Crude oil price fell slightly on Wednesday, below $60 a barrel because of increasing trade tensions between China and the United States.
Crude oil price plunges today after Iran announced that it had captured another vessel in the Persian Gulf.
In today's crude oil price forecast, WTI extends the consolidation theme between $56.00 a barrel and 57.00 resistance.
Yesterday, US stocks and Treasuries declined sharply as investors continued to worry about the implications of the trade war.
Crude oil price has started to decline on Thursday when it reached a high of $68.50. Today, Brent crude oil price declined to 65.95.