WTI Crude Oil quotes continue their correction dynamics, falling below 63.00 again, which is largely due to the actual oversupply on the market.

The price of WTI Crude Oil is testing the support level of 64.50 in anticipation of negotiations between representatives of the United States and Russia on the settlement of the Russian-Ukrainian military conflict on Friday.

The price is in a correction, a fall is possible.

On the daily chart, a downward correctional second wave of the highest level (2) ended, and the third wave (3) started. Now, the first entry wave of the lowest level i of 1 of (3) has ended, and the correctional second wave ii of 1 of (3) and the wave (c) of ii are developing. If the assumption is correct, the price of the asset will fall to the area of 60.00–55.45. In this scenario, the critical stop loss level is 66.00.