WTI crude oil is retreating from the key $70 per barrel mark, possibly gathering more bullish energy at nearby support levels marked by the Fibonacci retracement tool.

The 38.2% level is at $66.66 per barrel near the 100 SMA dynamic inflection point. The 50% level is at $65.65 per barrel, which coincides with a former resistance zone, then the 61.8% Fib is at $64.64 per barrel.

Stochastic is heading south to show that sellers still have the upper hand, so the correction could keep going until oversold conditions are met. RSI also has room to head lower, so crude oil price could follow suit while bearish pressure is in play.

If any of the Fibs hold as support, crude oil could recover to the swing high at $70 per barrel or higher.

WTI crude oil drew support from the OPEC+ commitment to its output deal, even as prices have already been climbing. The cartel would like to see more evidence of demand picking up before even increasing its production.

Analysts project stronger fuel and energy commodities purchases down the line, especially now that more and more economies are reopening. The upcoming inventory figures from the American Petroleum Institute and Energy Information Administration should shed more insight on these supply and demand conditions.

In addition, risk sentiment would likely impact crude oil movements as traders are speculating on when the Fed might taper and tighten monetary policy. US CPI numbers are due, and a stronger figure is eyed since the core PCE price index beat expectations.

However, the weak jobs picture could prevent the central bank from reducing stimulus and increasing borrowing costs anytime soon. This would be a plus for businesses and consumers that are keen on taking advantage of the low-interest rate environment, thereby spilling over to positive investor sentiment and increased demand for riskier assets like crude oil as well.