oil futures fell sharply wednesday with us prices down by more than 12 just a day after settling at their highest since 2008 us benchmark oil remains overbought and could continue to pullback towards an initial support zone between 107 and 112 said tyler richey coeditor at sevens report research however a retreat in prices would not shift the current bullish technical outlook for oil and the broader energy complex he said if the russiaukraine situation were to deteriorate meaningfully we could quickly see a run towards the alltime highs in oil prices which provides a measured move target of roughly 145 a barrel  just two dollars shy of the previous record on wednesday west texas intermediate crude for april delivery clj22 fell 15 or 121 to settle at 10870 a barrel on the new york mercantile exchange