Meanwhile, #crude #oil has endured a bearish couple of weeks. Here is a weekly chart of the U.S. crude oil benchmark, West Texas Intermediate. Why so bearish? There is a big pipeline offline in Texas, and we've seen a parade of doomy forecasts. It should go lower in the short term. I've drawn a line at $70 because the White House says it will buy oil to refill the SPR between $67 and $72 a barrel. That should be support.