USOIL chart - Trading View
West Texas Intermediate slipped over 1.75% to test $70 per barrel before paring some losses.
A stronger dollar and risk aversion across the markets weighs on commodity prices, dragging oil lower.
Brent crude was down 1.27% at $74.34 a barrel at 13:15 GMT, having dropped as low as $73.61 earlier in the session.
While, U.S. West Texas Intermediate (WTI) was trading 1.68% lower at $70.68 at around 13:15 GMT.
Oil price has retraced into the daily cloud. Price action is currently finding support at 69.81 (converged 21-EMA and 20-week MA).
Series od strong supports seen till 69.32. Break below 69.32 will fuel further downside in price. Some sideways movement expected at current levels as markets await FOMC decision.
