Since some members messaged me about this trade I want to clarify some stuff here to avoid further confusion for others.

The support level for oil is $58-60 price range.
The move down is in not sustainable, with the tentions between US and Iran the Persian Gulf is not a safe place for the oil tankers and any threat to them will send the price higher towards 69 (target if price touches 60) and $74.47 targets.

Currently the gulf's air space is full of US and Iran fighter jets and the radio communication is crazy high. There is a big possibility for a US response to last night's rocket attacks from Iran.