In the last couple of weeks, oil has been able to find some much needed support from around $58 and enjoy a reprieve from the immense selling pressure which has dominated it for the last couple of months. Since the beginning of October, oil has fallen sharply from its multi-year high above $86 down to its lowest levels in 12 months below $58 in the last few days, however it has been able to reach a two week high in the 24 hours. A few weeks ago it hit the key level of $71 where it did receive some temporary support from, and likewise at $75 which propped up oil for a week. However both of those key levels gave way to immense selling pressure pushing it lower. Due to the significance of the $71 level, this is now likely to offer resistance should oil continue its rally higher.