Just a few minutes ago, WTI crude oil prices took a dramatically bearish turn to fall more than 2%. It’s been falling for a third consecutive session over reports of growing inventories and forecasts of record output from the United States and Russia.

At the moment, the WTI crude oil trades at $48.45, down – 3.45%. The immediate support can be found near $47.25 and oil can bounce off above this level today.