Crude Oil prices retreat trading today 0.92% lower at $55.97 per barrel as the oil price give back the gains made after the drone attacks in Saudi Arabia oil facilities, as it is made significant progress in restoring the oil output. The crude Oil price rallied since the lows from August 7th at $50.74 up to $63.30 amid the attacks and as the global growth concerns ease.
On the technical side, the bullish crude oil momentum which builds after the attacks, cancelled today as the pair breached the last support at 56.01 the 200-day moving average. If the price closes convincingly below the 200-day moving average, it will pave the way for a move down to 54.43 the low of September 13th the last trading session before the attacks. On the upside crude oil immediate resistance stands at 56.84 daily high while more offers will emerge at 58.40 the highs from September 24th.Short positions in crude oil look safe as long as the price hovers below $56 per barrel.