SINGAPORE: US oil may drop into $70.55-$71.49 range, as it has ended its rise around a resistance at $74.37 per barrel. The resistance is identified as the 100% projection level of a wave c from $66.82.

The drop on Wednesday looks good enough to confirm the completion of this wave and the a zigzag from $64.12.

Oil dips amid choppy trading; markets debate supply tightness

A break above $73.34 may lead to a limited gain to $74.37.