The sell-off in crude oil futures steepened Fri morning, with prices
dropping below $70/bbl on the strengthening dollar and sliding
equities. Traders say prices are poised to go lower after we broke a
technical support level around $69.77. Prices haven't settled below $70
since Tue. "The next level of support is around $68.80," says Peter
Donovan, vice-president at Vantage Trading. "We tried a few times to
break through the $73 resistance level and we failed. This is weighing
on traders minds." Nymex Sep crude was down $1.25, or 1.8%, at $69.27
after a low of $69.19/bbl. Crude continues to be pressured by high
stocks and weak demand.