• WTI attracts some follow-through sellers and dives to a two-week trough on Thursday.
• News that Saudi Arabia will raise output and demand worries weigh on the commodity.
• The technical setup favors bears and supports prospects for a further depreciating move.

West Texas Intermediate (WTI) US crude Oil prices remain under heavy selling pressure for the second straight day and retreat further from a multi-week high, around the $72.20 region touched on Tuesday. The downward trajectory drags the commodity to a two-week low, around the $67.00/barrel mark during the first half of the European session and is sponsored by fresh concerns about global oversupply.

The Financial Times reported that Saudi Arabia –  the world's biggest crude exporter – is preparing to abandon its price target of $100/barrier as it prepares to increase output. This comes on top of a potential return of Libyan supply and turns out to be a key factor exerting downward pressure on Crude Oil prices. In fact, Libya's factions took an initial step to resolve the dispute and signed an agreement on the process of appointing a central bank governor. 

Furthermore, a hurricane threatening the US Gulf Coast has changed its course – away from oil and gas-producing areas near Texas, Louisiana and Mississippi – and is expected to hit Florida as a 'catastrophic' Category 4 storm. This further eases worries over supply disruptions, which overshadows signs of firmer fuel demand in the US – the world's top oil consumer – and further contributes to the fall amid lingering fuel demand concerns from China.