Crude oil prices are retesting the $72 level as Iranian Crude exports continue to decline ahead of 4th of November where the US sanctions will be fully implemented. On top of that, with Saudi Arabia tensions on the rise, the price of the barrel could surge over the roof as supply and demand are bottoming. The only bearish pressure for WTI rests with US crude supplies, which may show a build-up for a fourth straight week with today's API report.
Oil prices are struggling to break above the $72 level but seems to have a good support in this area from the long term purple trend line and the $71 support level. On this 4H chart we can see a build up in the momentum on the RSI chart with a bit of divergences pointing towards a bullish move. After failing to break also to the downside, we will be focusing now on the $73.3 resistance level.
Support: 73 72.73
Resistance: 73.5 74.25