Topic: ICE Brent crude oil resumes rally, edges towards $74
Brent crude oil futures rose towards $74 a barrel on Monday with some analysts expecting prices to soon match 2009 highs reached last week. The front month contract touched the highest level this year of $76 a barrel on August 6 but was more than $2 lower by the end of the next session.
"We are still bullish and looking for buying opportunities to exploit a fresh move towards $76," said analysts at FuturesTechs.
BRENT PRICES - * September Brent was up 7 cents at $73.66 a barrel by 1037 GMT.
* The contango spread between the first and second Brent futures months was around 46 cents. LCO-1=R
* The premium CL-LCO1=R for September Brent over US crude CLc1 was at $2.97.
TECHNICALS
* Brent support at $72, resistance at $76.