Crude made a surprise bounce on Wednesday, despite a big build in offical inventory data. There are some fundamentals that weighing on the supply side. However, on a technical level I feel we are now bearish in the short-term.
The two high volume areas are $68 and $71.
Price will react sharply at $69.50, and as such I'm looking for a test of $69.50, before a retrace back to $68 in the next 48 hours.