Crude oil falls after reaching highs in almost three months

• Crude oil falls 0.80% daily, currently trading above $73.46.
• The price of oil ends a streak of five consecutive sessions on the rise, remaining within the operating range of the previous session.

Crude oil set a near three-month high of $74.97, where it attracted sellers who dragged the price to a daily low of $73.13. At the time of writing, crude oil is trading above $73.46, ending a five-session streak of gains.

Oil price swings near three-month highs amid possible increase in sanctions on Russia and Iran

The United States is considering intensifying sanctions on Russian and Iranian oil exports, which would consolidate the recent bullish momentum with intentions of reaching three-month highs near $76.00.

Oil prices register a daily loss of 0.80%, trading at the time of writing at $73.48 after reaching a high not seen since October 11 at $74.97.

Traders will be attentive to the Federal Reserve’s monetary policy stance as it will be reflected in the minutes of the Federal Open Market Committee (FOMC) to be released on Wednesday.

Technical levels in crude oil

Crude oil reacted higher on short-term support given by the December 30, 2024 low at $70.75. The next key support is seen at $66.97, the low of December 6, 2024. To the north, the closest resistance is at $76.02, the pivot point of October 11.

Crude Oil 4-hour chart