Oil: WTI, Brent off highs as USD rebounds

• Record US production, rebounding US Dollar taking the wind out of crude's sails.
• US GDP, Consumption could further boost USD, sending crude lower.

Crude oil is continuing its retreat, with WTI beneath 63.00/barrel and Brent currently trading for 66.25/barrel.

American oversupply continues to bog down upside potential in crude prices, with the US on pace to unseat Russia as the world's single largest producer of crude oil in 2019, if not sooner.

With the US Dollar finding a boost in new Fed chairman Jerome Powell's surprisingly bullish stance during his Congressional testimony, the new Fed head's first major appearance since taking over the spot from Janet Yellen in early February.

US Annualized GDP and Core Personal Consumption figures are due later today at 13:30 GMT, and a beat for the numbers could see crude continue to succumb to a climbing US Dollar.

Crude Technicals

WTI Crude prices are off a recent high of 64.21 (Brent 67.87), and the turnaround may be pricing in a lower high for the commodity, which is of particular note to long-term technical traders. H4 candles show crude shaking out of its recent step pattern, and a further drop from here will see a breakdown in bullish potential, as support currently sits at 62.31 and 61.20 (Brent 65.77, 64.38), with fresh resistance priced in from 63.04 and 64.20 (Brent 66.70, 67.85).