The Brent crude oil price reached near the $70 mark on Wednesday. The increased was due to the US sanctions against Iran and Venezuela crude oil exports and the OPEC supply cuts. As for the near future, it is likely that the BRENT.CMD/USD pair makes a brief retracement down towards a support level formed by the 50-hour simple moving average at 67.93. Meanwhile, technical indicators demonstrate that the commodity could continue to maintain the medium-term ascending channel pattern during the following trading sessions.