Evening update for Crude oil 02-12-2021

Crude oil price declined sharply to approach our extended target at 61.85, and bounced upwards strongly to reach the key resistance 67.40 again, which urges caution from the upcoming trading, due to the high volatility that we witness on oil prices, noting that consolidating below the mentioned resistance will press on the price to decline again and target 61.85 areas mainly, while breaching it will lead the price to start recovery attempts and head towards 70.85 on the near term basis.