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USOIL chart - Trading View
West Texas Intermediate (WTI) crude oil was trading 2.29% lower on the day at 69.77 at around 10:40 GMT.
Oil price is suffering on the back of OPEC and allies (OPEC+) deal to boost oil supplies.
Expectations of growing supplies after OPEC news and depressed demand amid rise in coronavirus cases is denting prices.
US oil resumes weakness after Doji formation on Friday's candle. Momentum is with the bears.
Stochs and RSI are sharply lower, RSI is below the 50 mark. MACD and ADX support weakness.
Price action is hovering around 55-EMA support, break below finds next major support at daily cloud at 67.73.
