The strength in crude oil trading appeared to be waning, with both benchmarks declining on Thursday.
US WTI oil futures traded down at $72.70 a barrel, while Brent oil traded slightly lower at $77.20 a barrel.
Earlier, the black commodity was supported by the reduction of Iraqi Kurdistan's oil exports following a dispute involving the Kurdish authorities.
This has caused the export of around 400,000 barrels a day from the port of Ceyhan in Turkey to be stopped.
In addition, oil prices were also supported by improved market sentiment following the easing of global banking crisis concerns.
Examining the movement on the XBR/USD price chart, the price pulled back from the 78.50 resistance level after failing to break through it further.
The price drop is seen approaching the 77.00 level and continue trading today, the price is still slowly hovering at that level.
If the decline continues, the price will probably break through the support level of 77.00 which was successfully crossed before and further towards the price of 74.50.
However, if the price manages to make an increase again, the level of 78.50 will probably be the focus to be tested again.
If able to break through that level, the price is able to continue the increase to the level of 80.50 which was last touched in mid-March.
