<p>The one-year oil curve fell into contango today as front-month prices continued to crumble. I think the focus on the curve structure is overdone, especially with uncertainty about China’s reopening timeline, but that likely kicked off a final press towards $70.</p><p>Bidders just above $70 finally stepped in, some perhaps on hopes for an OPEC leak or Russian action on the weekend. The low was $70.06 and it has quickly rallied to $71.50.</p><p>$70 is also more than just a big round number. US officials have indicated that the want to refill the SPR around $70 and that may act as support.</p>

This article was written by Adam Button at www.forexlive.com.