WTI futures traded around $70.30 per barrel, as of 9 a.m. ET. That’s an increase of 0.90% in the last 24 hours.

The crude oil market continues to bounce a bit on each successive drop, as the demand for oil seems to be a factor, but the fact that the market has sold off so much could also bring in the value hunters at these low levels.

The weakness in oil prices is due mainly to the potential inventory buildup in the oil market and the expected interest rate cut by the US Federal Reserve (Fed).

The Brent/WTI spread has historically ranged between $4/bbl and $8/bbl, but it can expand or contract based on factors related to U.S. and international supply and demand conditions. For example, the Brent/WTI spread hit nearly $14/bbl in April 2011 when protests sparked market fears of significant oil supply disruptions in the Middle East.

The crude oil markets are in the midst of trying to find enough support, as the market will continue to see these low levels as a situation where the market just “got too cheap.”