FXStreet (Córdoba) - After extending its rally up to $32.72 a barrel at the beginning of the day, WTI crude oil futures fell over 5% on Monday, following Iraq's announcement of record-high oil production. Iraq's oil ministry said its oil output had reached a record high in December, spooking investors and reviving concerns over a heavily oversupplied market, and putting prices back under pressure. WTI crude futures settled at $30.34 a barrel, down $1.85 or 5.8% on the day, having retraced most of its Friday's gains. WTI technical perspective “Technically, the daily chart shows that the price faltered around a bearish 20 DMA and has accelerated well below it, while the technical indicators have been rejected from their mid-lines, and turned sharply lower, supporting some additional declines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators have turned sharply lower from overbought readings, and the RSI indicator already heads lower below 50, although the price is finding some support in a bullish 20 SMA and the 23.6% retracement of its latest decline, around 30.15. A break below this latter should see the bearish momentum accelerate, and fuel risk-averse trading across the financial world”. Support levels: 30.15 29.60 28.80. Resistance levels: 30.70 31.65 32.50. For more information, read our latest forex news.