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Brent seen trading today in the range of $72.3-73.7/bbl

Oil prices closed the day moderately higher on Friday, June 18. The Brent price action started out the day at $72.2/bbl. During the first half of the session, prices tested the $71.5 level, but quickly soared to $73.1/bbl after the North American session opened, ending the week near $72.6/bbl. Friday’s Baker Hughes O&G rig count had a dampening effect on prices. The weekly report showed an increase in the number of active US oil platforms from 365 to 373.  

On Monday, prices gapped higher at the open, up from $72.9. After rising to $73.5, price action retraced to the opening level by 11:00 (GMT + 3). The trading range for Brent today will likely be $72.3-73.7. The medium-term range for Brent crude has dropped to $71.4-74.3.

Market-driving news for the oil market will come out only tomorrow. On Tuesday evening, the American Petroleum Institute (API) will release its weekly petroleum inventory data.  To remind, last week crude stockpiles fell by 8.5 mln bbl.

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