Oil sticking at multi-year highs as WTI sticks to $67.00

• Crude is bumping to new highs as the Middle East heats up.
• US oversupply is still constraining prices, but market concerns are beginning to outweigh.

WTI is trading near 2014 prices and WTI crude is currently testing 67/barrel as Middle East tensions squeeze traders.

The Syrian conflict is spilling over into barbs being thrown between the US and Russia, with President Trump gearing up to begin airstrikes on military targets in Syria, and Russia posturing against the move and vetoing attempts to organize the UN Security Council as Russia tries to protect their interests in backing Bashir al-Assad, the embattled President of Syria who has been engaging in a civil war against his own constituency since 2012.

The Middle East is tensing in other regions, after Saudi Arabia announced it had shot down missiles launched by Yemeni Houthis towards Riyadh and other Saudi cities.

Oil's climb up the charts is being constrained by US oversupply as America is on pace to become the world's largest supplier of crude oil within the next few years, looking set to overtake the world's current largest single producer, Russia.

WTI Levels to watch

 Crude oil has overextended its current technical run, and a collapse back into recent consolidation will see the energy fall further, and as FXStreet's own Ross Burland noted earlier, "bulls eye the $69.66 (high Dec.1 2014) level and a break there opens up a run $77.95 (high Nov.21 2014). RSI is leaning bullish towards overbought territory and momentum is with the move n the daily sticks with the price through the double top highs for the year. However, to the downside, the next support comes in at $63.73 (10-day sma) followed by $63.37 (21-day sma) and finally $61.77 (low Apr.6)."