Crude Oil Breaks Key Support Levels, Tests 200-Day Moving Average

Key Facts

1Crude oil is testing the 200-day moving average support following a breakdown from a symmetrical triangle pattern.

2Prices broke below the key $85 support level under technical pressure.

Amid significant technical shifts in energy markets, crude oil is currently testing its 200-day moving average support following a breakdown from a symmetrical triangle pattern. According to reports, prices have dropped below the key psychological and technical support level of $85 per barrel under selling pressure. This move reflects a shift in momentum to the downside, placing long-term support levels under intense scrutiny.

This technical decline coincides with mixed pressures in global markets, as recent economic data showed a slowdown in major economies, such as the 0.1% contraction in UK GDP per market data released on June 12, 2026. Additionally, Germany's Consumer Price Index (CPI) recorded a monthly decline of 0.2% during the same period, reinforcing concerns about global energy demand amid slowing industrial activity.

Traders should monitor price stability around the 200-day moving average, as a break below this level could open the door for further declines. Looking at the economic calendar, markets are awaiting US crude inventory data and OPEC monthly reports to assess the supply-demand balance. WTI crude sat at critical levels as of the close on June 18, 2026, making upcoming sessions pivotal for determining the next trend.