FXstreet.com (Barcelona) - Crude oil is benefiting from a rebounding euro vs. the US dollar, as prices begin to edge higher after maintaining steady for most of the day. Currently the front-month crude oil contract trades at $73.16 where it is nearly $1 up on the day.
A strong US dollar has weighed heavily on dollar-denominated commodities in previous sessions, as the EUR/USD hangs near 4-year lows. In recent hours however the pair has edged back relinquishing some of that downward pressure on commodities across the board. What's more, the API crude inventories report showed a 12.4 million barrel drop over the previous week contributing to the rise in oil futures today.
With further bullish tendencies, Oil N' Gold places the next resistance levels at $73.63 and later $74.66. On the downside, support levels are listed at $74.81 and then $71.78.
