Crude oil falls back below $83 after touching a nine-month high

WTI crude oil is threatening an outside bearish reversal after touching a fresh 9-month high and then slumping below yesterday's low of $82.67.

So far, it's back above that level but it may be a close call by the time of the end of electronic trading, given the poor tone in risk assets at the moment and broad USD strength.

Equally important will be tomorrow's weekly close as a finish above the April high of $83.53 will be important. Finally, oil would need to finish above $82.82 to extend the weekly streak of gains to 6.