Chartbook: US Chart Crude Oil Futures: Leaning lower in choppy trade

Turned up in choppy trade from the 65.30 low before coming under fresh selling pressure to leave a lower high at 78.00 level. Rejection there see the lows at the 66.30/65.30 back in focus and break here will extend losses from the September 2023 year high at the 95.00 level to retest the 63.65, May 2023 year low.

The deep oversold daily and weekly studies suggest test here to give way to consolidation. However, the broad bearish structure from 2022 year high at 130.50 see scope for a later break to open up room to the 60.00 psychological level. Lower still will see room to the 57.00 congestion. Break of this area, but not expected will see potential to the 50.00 figure. 

Meanwhile, resistance is at the 72.00/72.50 previous lows. Clearance here is needed to open up stronger corrective bounce to retest the September high at 78.00 level and the 80.00 figure, which are expected to cap.