December micro WTI crude oil futures show a selling opportunity due to price weakness. The daily bar chart reveals choppy price action and a selloff from last week’s high, giving bears momentum. MACD indicator is bearish. Analysts predict a global oil glut, with prices potentially dropping to $50 per barrel due to oversupply.

If December crude oil futures drop below $60.57, it could trigger more selling opportunities. Analysts expect a downside objective of $53.00. Resistance is at $64.00. The International Energy Agency projects a historic excess of 3.33 million barrels per day in 2026. Technical analysis suggests a bearish trend.

Trading commodity futures and options is risky, complex, and not suitable for everyone. Consider your financial situation and risk tolerance before investing. Author Jim Wyckoff highlights potential trading opportunities in oil futures, but advises readers to make their own decisions. He does not hold positions in securities mentioned.

Read more at Yahoo Finance: Oversupply Fears Are Rocking Oil Prices. Make This 1 Trade Now.