Crude oil faces further bear pressure following its Wednesday price sell-off.
On the downside, support resides at the 68.50 level where a break will expose the 68.00 level. A cut through here will set the stage for a run at the 67.50 level. Further down, support resides at the 67.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness.
On the upside, resistance resides at the 69.50 level.
Further out, resistance comes in at the 70.00 level. A break above here will aim at the 70.50 level and then the 71.00 level followed by the 71.50 level. All in all, crude oil remains biased to the downside.
