Crude oil futures settled down $1.63 at $60.42 today,. That is a decline of -2.63%.

Technically, the next key target comes near the $60 level. The 50% midpoint of the move up from the April low comes in at $59.96. Just below that is the swing low from April 16 which comes in at $59.86. Move below those levels would open the door for further selling potential with the 61.8% retracement and swing low from April 10 near $58.80 as the next target.