Oil prices are under pressure after yesterday's publication of official statistics on US energy reserves.

The price of North American light oil, WTI Crude Oil, is moving within a corrective trend, trading at 59.30.

The price is in a correction, a fall is possible.

On the daily chart, a downward correction of the higher level developed as the wave B, and the upward wave C forms, within which the first wave 1 of (1) of C develops. Now, the third wave of the lower level iii of 1 has formed, and a local correction is developing as the wave iv of 1, within which the wave (a) of iv has formed. If the assumption is correct, after the end of the wave (b) of iv, the price will fall to the levels of 54.69–50.66. In this scenario, critical stop loss level is 68.02.