FXstreet.com (Barcelona) - The quick turnaround in market sentiment today is weighing heavily on crude futures, with the front-month contract dipping below $72.00 a barrel in recent trading. Currently the most active future has consolidated slightly above at $72.24, yet still holds bearish tendencies lower. Crude oil has been edging higher over the week as market focus turned to upbeat fundamentals and signs of a strong economic recovery. Today however has seen a reversal of that trend, with a disappointing jobs report in the US as well as renewed debt jitters over the euro zone sending investors scrambling to safer alternatives. In the wake of such developments, the US dollar is soaring against other majors pushing the EUR/USD to a new 4-year low just above 1.2000. The heightened risk aversion and stronger US dollar are pressuring commodities across the board lower and making it them more expensive for non-dollar currency holders. With continued downside risk, Oil N’ Gold places the next support levels at $71.34 and later $70.37. On the upside, the most immediate resistance levels are listed at $72.98 and $73.95.

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