For the 24 hours to 23:00 GMT, Crude Oil declined 0.39% against the USD and closed at USD74.35 per barrel on Friday, amid persisting fears over the looming US sanctions on Iran. Meanwhile, Baker Hughes reported that US oil rig count declined by 2 to 861 in the week ended 5 October 2018.
In the Asian session, at GMT0300, the pair is trading at 73.70, with oil trading 0.87% lower against the USD from Friday’s close, amid news that the US was considering granting some waivers on Iran crude sanctions.
The pair is expected to find support at 73.17, and a fall through could take it to the next support level of 72.65. The pair is expected to find its first resistance at 74.72, and a rise through could take it to the next resistance level of 75.75.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.