Crude Oil - Technical Analysis: Friday, 11/08/2017 04:25 GMT

Crude oil price fell under sharp negative pressure yesterday affected by OPEC hints to raise productions besides the big rise at the US oil inventories, to attack the important support levels between 48.44 – 48.22 levels and move below them now, opening the door to head to test 47.40 in the coming period.

Thus, we expect witnessing more decline in the coming period unless the price managed to rally to the upside to surpass 48.44 and settle above it.