Crude is hesitating near recent lows as traders await supply developments and the US is still seeking to lock Iran out of global markets, keeping prices underpinned at key levels. On the other hand, the still-ongoing crude shortage in Canada has yet to be resolved and WTI could be pulling some last-level support from the constraint on US reserves.
A divergence between the momentum and the price could lead the price to pull back and retest the $71.5 level before we can see the downtrend continuation. The next level we will be watching is the $70.80 resistance area for the next 24 hours.
Support: 67.98 67.30
Resistance: 70.98 72.22