Crude oil: WTI tumbles 4% on Mnuchin comments

• Oil drops sharply, extending last week slide and drops 8% in 6 days. 
• WTI bottoms at $67.50, the lowest since June 22. 

Crude oil prices are falling sharply on Monday. West Texas Intermediate Futures dropped from levels on top of $70.00 to $67.55, the lowest level since June 22. From the lows, rebounded modestly and near the end of the session was hovering around $68.30, down 4% for the day. 

The slide was boosted by comments from US Treasury Secretary Steven Mnuchin. He said the administration will consider the use of waivers for countries to continue buying Iranian supplies. 

WTI continues to retreat from multi-year highs that reached earlier in July above $75.00. Since then dropped more than $7 and it was trading at the 61.8% retracement of the move from June 18 to July 3. 

Technical levels 

To the upside, resistance levels might be seen at $69.25, $70.30 and $71.20. On the downside, support could be located at $67.80, $67.20 and $66.20.