Crude oil futures are settling down $0.79 or 1.33% and $58.70. The low price today reached $57 and 68 says that was the lowest level since May 6.
Looking at the 4 hour chart, the price decline from the October 9 high the price was testing its 100 bar moving average (blue line on the chart below), first saw the price break below a swing area between $61.45 and $61.94. More recently, the price has extended below another swing area between $59.55 says and $59.78. Stay below keeps the sellers more in control.
That area is now close resistance. On the downside, the low price for the year is up $55.15
