WTI crude oil up 2.3% on the day as it tries to shrug off recent losses, coming close to yet another key support area. The area highlighted using the yellow trendline ranges from a low of $62.33 and the top end of $64.35. Oil prices dropped to a weekly low of $64.78 yesterday, currently, WTI is trading at around $66.89 a barrel. A break below this support, or respectively, the low of $62.33 would increase the likelihood of the commodity falling into the price range of $57-$61. The sentiment has now shifted heavily to bearish and the upside for oil prices in the near term could be limited, especially with uncertainty over the upcoming US elections. Upon any signs of consolidation, a move towards the area of $70-$73 may occur as the market may try to squeeze sellers. However, until a move above $76 occurs, downside pressure should persist. Looking at the technical indicators, the MACD still has room to fall as the gradient has widened and the RSI is strongly bearish, reading 32. Although, the RSI is nearing the oversold territory, which may prompt short-term buyers looking for quick gains.