Hawkish talks from Fed members and hot inflation data are strengthening the dollar. As a result, WTI crude is trading around $76.71, down from the $80 mark

We can see that Crude has dipped below the next line of support on the 4-hour timeframe, the support is sitting at $76.69. A close below this support level could see its price fall towards the next levels sitting at $74.97 followed by $72.49. The $72.49 is the key level to the recent bullish movements, a break below it could see the price plummet as far as $70 a barrel. If consolidation takes place between $75-$76, we can then look into any possible upside turns. However, until then, the bias is bearish. The hawkish comments from Fed members and hotter inflation data have placed some concerns on the future of interest rates, as a result, it's strengthening the dollar and weakening the price of crude. Both of the technical indicators currently suggest more downside, with MACD negative and RSI reading 33. Although, RSI is floating just above 'oversold' territory.