Rising Libyan oil output and record Iraqi exports are driving prices lower despite US-led sanctions on Iran that are looming ahead and promising to constrain global oil markets in the near future.
After failing to break above the $70.5 level, Crude oil prices are now more keen to head to the downside as they struggle to hold above the $70 resistance level. As the momentum is slowing down, we will be focusing on the $69.5 support level.
Support: 65.3 64.6
Resistance: 65.88 68.3