NYMEX crude oil retraced 61.8% of its previous fall and witnessed a correction thereafter. It is trading in a downward sloping channel. Crude oil is likely to drift lower towards 64.43 – 63.00 in the forthcoming trading sessions. On the way up, 69.31 – 70.75 will act as resistance in the near term. Bounce towards the resistance zone shall be considered as a selling opportunity as long it does not close above 71.50. The daily momentum indicator has turned bearish.