For the 24 hours to 23:00 GMT, Crude Oil rose 1.35% against the USD and closed at USD74.29 per barrel on Friday, amid concerns that US sanctions against Iran would reduce a substantial volume of crude oil from world markets.
Moreover, fresh figures from Baker Hughes disclosed that the number of active oil rigs in the US dropped by 4 to 858 in the week ended 27 June.
In the Asian session, at GMT0300, the pair is trading at 73.23, with oil trading 1.43% lower against the USD from Friday’s close, after Saudi king assured President, Donald Trump that he can raise oil output if needed.
The pair is expected to find support at 72.69, and a fall through could take it to the next support level of 72.14. The pair is expected to find its first resistance at 74.12, and a rise through could take it to the next resistance level of 75.00.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.