Crude oil made an attempt to break above $69 a barrel for the third time in three days but failure to hold prices above 69 was likely to be met with selling pressure as we mentioned yesterday. The recent tensions between Iran and the US have put more pressure on oil prices. However, and amid oversupply concerns, the price is still holding above the $67.50 level as future downfalls in exports are expected to happen next month.
The current price is just above the 67.70 support level as the momentum has just picked up a little pace to try and break above the $68 level. Next level we will be focusing on is the $69 level.
Support: 67.72 66.88
Resistance: 69.30 70.80