Oil prices receded almost 4% on Wednesday, putting an end to their longest bull-run in more than five years as hiking OPEC exports and a tenacious dollar turned sentiment more bearish.
According to Thomson Reuters Oil Research data, Oil exports by the Organization of the Petroleum Exporting Countries climbed for a second month in June.
Technical Outlook
Crude oil prices tumbled 4 % because fundamental news drove market movement yesterday.
I have analyzed that the short term Four-hour chart crude oil prices hold mid place which is Fibonacci 50% Level. This would determine the further reaction. If it breaks below yesterday’s low then with the trend remains negative bias will look to reach towards $43-42 levels. There would be short term resistance above the trend line at $45.80. Today, we can notice crude oil market movement trading in sideways trend.