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WTI Crude Rejected from Trendline Resistance Bearish Flag Breakdown Hints at $55 Support Retest

CRUDE OIL was closed on Friday at weekly lower levels after testing the high level of $ 69.77 in the last weekly trading session as WTI crude futures slid 1.3% to settle below $66 per barrel on Friday, marking its lowest close since June 30 as concerns over weakening economic signals from the US and China pressured prices. For the week, WTI declined about 3%, weighed by signs of growing global supply and a slowdown in business investment.