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    Oil continues to retreat, settles lower Ani Salama

    Crude oil prices edged modestly lower on Tuesday weighed by the risk off environment amid uncertainty over the Fed meeting and the upcoming UK referendum on EU membership.West Texas Intermediate fell 0.39% and settled at $48.49 a barrel on Nymex. That was the fourth consecutive daily loss in a row.The International Energy Agency revised higher its global oil demand forecast, by estimating an increase of 100,000 bpd to reach 1.3 million barrels this year. On the supply side, the agency reported that output stood around 600,000 bpd below a year early, the first significant drop in three years, mostly due to outages from OPEC's members.Despite a somewhat upbeat report, the daily decline was mostly attributed to risk aversion and dollar's strength, as while limited, it was enough to send the commodity to a fresh weekly low of 48.00.WTI technical perspective“Technically, the daily chart shows that the price held below a horizontal 20 SMA whilst the technical indicators head modestly lower within neutral territory, maintaining the risk towards the downside, although with not enough strength to confirm a downward continuation,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA has crossed below the 100 SMA with a sharp bearish slope above the current level, whilst the technical indicators have barely bounced from oversold readings, but remain below their mid-lines, also supporting some additional declines ahead.”Support levels: 47.50 46.75 46.10. Resistance levels: 49.25 50.20 50.90.

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