WTI retreats from multi-year highs, approaches $75.00

• Crude oil corrects lower and falls 1%. 
• Despite slide, WTI remains firm above $75.00 a barrel, near the highest since November 2014. 

WTI (oil futures on NYMEX) is falling $1 on Thursday, correcting lower after hitting yesterday at $76.90 the highest level in almost four years. During the US session, bottomed at $75.29 and as of writing was trading at $75.40, having the worst day in two weeks. 

Today’s slide took place amid rising crude oil inventories in the US and also probably amid some reports mentioning a potential deal between Russia and Saudi Arabia, back in September, to raise crude production. 

Despite the move lower, the trend still points to the upside. From the level it had a month ago, the barrel is up by $6, supported mostly by US sanctions to Iran. 

WTI Technical Levels

To the upside, immediate resistance could be seen at $75.95, followed by $76.45 and $76.90. On the flip side, support might lie at $75.20, $74.95 and $74.30. A short-term uptrend currently stands around $73.75. While to the upside, on a wider perspective, a daily close above $77.00 would signal more gains ahead.