FxWirePro: WTI drops below $60 per barrel, concerns over rising crude supply levels to prompt further weakness

U.S. oil cart on Trading View used for analysis 

• WTI extends declines for the 5th straight week, trades 2.11% lower on the day.
   
• Price has fallen below $60 per barrel and the still-rising crude supply levels to prompt further weakness.
   
• US Sanctions on Iran came into effect this week and crude prices largely ignored the news.
   
• Potential for a glut of global oversupply as the US, Russia, and  Saudi Arable look to expand production keep pressure. 
   
• Volatility rising on weekly charts, price has dipped below 110-EMA and eyes next major support at 61.8% Fib at 55.37.
   
• On the flipside, 5-DMA is immediate resistance at 62.25. Break above could see minor upside.

Support levels - 59.48 (50% Fib), 58.11 (Feb 9th low), 57.15 (trendline), 55.37 (61.8Fib)

Resistance levels - 60.56 (110W EMA), 61.28 (5-DMA), 63.59 (38.2% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.