NYMEX crude oil had formed a sharp pull-back. It retraced 61.8% of the previous fall. From that key Fibonacci level the oil had started tumbling. It did a minor degree pullback after an impulse on the downside. Thus,it once again reached near the 61.8% retracement mark. However, it could not cross the high of $105.22 and from there the oil has started a larger decline. The short-term momentum indicators are in line with the fall. On the downside, the price can test the recent low of $97.37. The subsequent levels on the downside will be $93.40$91.24.

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