Crude oil prices are currently under pressure due to the anticipation of central bank decisions and concerns about supply. The European Central Bank (ECB) and the Federal Reserve are expected to maintain their hawkish stance, with potential interest rate hikes on the horizon. This could dampen global demand and put further pressure on oil prices. On the technical front, Brent crude is eyeing $71.50 as the next level of support, with a drop to $67.50 possible if bearish momentum continues. Meanwhile, WTI crude prices are approaching a familiar pivot point at $67, which has acted as a significant level in the past. A convincing close below this level could trigger an extended sell-off towards $62. On the supply side, despite Saudi Arabia’s pledge to reduce output from July, the market is factoring in a slightly oversupplied situation, as indicated by the shallow contango in the two-month spread.