Oil is down 1.5% to around $72.80 currently
Price is seeing a bit of a pullback after testing $74.00 on Friday last week, falling off by over 1.5% so far today to around $72.80 at the moment in European trading.
Looking at the charts, we are testing key near-term levels again as price dips back towards the 100-hour moving average (purple line) @ $72.71. Keep above that and buyers will still hold a more bullish near-term bias but break below and the bias turns more neutral.
There is minor support below that around $72.50 before getting to the 200-hour moving average (green line) @ $71.65. Despite the light drop today, sellers will have to get through the latter to really suggest any material shift in the recent momentum in oil.