Crude oil broke above $70.00 a barrel yesterday to test the $70.40 resistance level, before it recovered back towards the $69.60 support level as worries about global supply continue to underpin oil prices but support is partially offset by lowered tension about global trade war.
Crude oil broke above the $69.67 and the $70.10 resistance levels and is currently holding above the $69.60 where it found support after retreating from overbought conditions. Whenever the momentum comes back, we will focus on the $71 resistance level.
Support: 67.72 66.88
Resistance: 69.30 70.80