WTI Crude oil prices were seen easing back for the past four days during the week.

With the recent gains pushing oil prices higher to 2018 highs, the commodity was seen easing back strongly.

The declines came amid slowing fundamentals and investors concerns were eased following the initial speculation that the oil prices will face more supply glut following the U.S. pulling out from the Iran nuclear deal and imposing sanctions.

From a technical outlook the decline is expected to push oil prices lower to the main support level at 65.80 – 65.45.

A decline to the support level will mark the much needed correction in prices.

As we expect to see oil prices pushing lower, we expect to see a rebound off this support level.

However in the near term, any retracement could be seen pushing oil prices slightly higher back to the breakout level at the 71.00 level.

In the event that oil prices fail to post a retracement t $71.00, we expect to see oil prices declining to the support level and eventually posting a rebound.

This rebound comes ahead of stronger price action in store.

A breakout above the previous highs will push crude oil prices higher. The longer term prospects show that oil prices could be making a correction to the larger uptrend.