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WTI crude oil capped by a negative trendline

crude oil

Crude oil remains depressed in $91.20 area during the Asian session.

Amin H. Nasser, CEO of Saudi Aramco said on Sunday that “Oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts. This positive news did not have any impact on the black gold.

Looking at the 1 hour chart, immediate resistance awaits at $93.00 followed by $95.00. Since prices are trading inside the descending channel, bears will challenge $90.00 support. A break below this level will open the doors to $87.00 monthly lows.

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