The crude oil prices went up to eight months high last week to 70 dollars, but most of the speculators have been nervous at the pace of gain in the last few months. Hence, they have unwound their long positions in the last few days, resulting in pressure on the crude oil prices.
The crude oil prices have crashed to 66 dollars due to the speculative unwinding, which is expected to continue for few more weeks. With no major economic data coming out of US and Europe, we can expect the crude oil prices to remain range bound between 55 dollars to 75 dollars, for the next few weeks.