Oil prices extend losses for a third session, trading close to a one-month low amid technical weakness below key Fibonacci levels.
West Texas Intermediate crude oil remains under pressure, trading near $87.00 during the Asian session after hitting a one-month low. The benchmark has posted losses for three consecutive days, reflecting sustained selling interest below the 50% Fibonacci retracement level.
Prior sessions saw WTI test support around $87.00, with technical indicators pointing to further downside risks. The commodity has struggled to regain momentum after breaking below critical short-term moving averages, signaling a bearish trend.
Market participants are monitoring price action near $87.00, as a decisive break below could accelerate losses toward lower support levels.