Brent crude futures dropped 25 cents, or 0.4%, to $70.80 a barrel by 0525 GMT, while US West Texas Intermediate (WTI) crude futures fell 28 cents, or 0.4%, to $67.26
The weak bounce triggered by this support seems to have ended around a resistance at $69.95. The drop from the Aug. 12 high of $71.90 may have continued
Three smaller waves make up this wave. The current wave c has briefly travelled above its 76.4% projection level of $71.85. Chances are it may extend to $72.71