Oil prices remain under pressure near $68.00, extending weekly losses amid technical oversold signals and sustained downside risks.
West Texas Intermediate crude trades near $68.50, up 0.3% on the day but poised for a fourth straight weekly decline. Sellers re-emerged after a brief intraday rebound to $69.25, the highest level since early in the week.
The commodity stays below its 200-day Simple Moving Average and the 61.8% Fibonacci retracement of its December-March rally, reinforcing a bearish outlook. The Relative Strength Index hovers near 29, signaling oversold conditions that may trigger a short-term bounce.
A break below $67.50, the 78.6% Fibonacci level, could accelerate losses toward $55.12. Resistance levels are seen at $73.19, $77.23, and $84.05.