WTI oil futures fell to USD 26.32/barrel; its lowest since Dec 2003 as concerns of excess supply and risk-off in equities keep bulls at the bay. Down for sixth consecutive session The futures are down for the sixth consecutive session. The technical recovery that begun in late half of January triggered speculation that price may have found bottom. However, OPEC and non-OPEC joint production cut is easier said than done. Furthermore, OPEC monthly report and IEA monthly report released this week hinted at a prolonged supply glut. Consequently, the futures dropped to lowest since Dec 2003. The risk-off in the markets is making matter worse as well. WTI Technical Levels The futures currently trade around 26.40/barrel. The immediate resistance is seen at 26.80 (hourly 10-MA), above which prices could test 30.00 levels. On the other hand, a break below 26.00 levels would open doors for a slide to 24.26 (Sep 2003 low). For more information, read our latest forex news.