Crude oil settles up $1.00 at $73.32.

Crude oil futures are settling up one dollar at $73.32.

The price rallied to one-week highs, supported by a weaker dollar and supply concerns stemming from U.S. sanctions on Russian crude production. Additional support came from Saudi Arabia, Iraq, and the UAE, which raised crude selling prices for Asian buyers in March.

On the downside, concerns over potential retaliation against President Trump’s 25% tariffs on steel, aluminum, and finished metals imports could lead to higher prices and slower US growth.

Looking at the daily chart, the price moved back above its 100 day moving average is $71.39 yesterday. The 200 day moving average looms above at $74.16. Last week, the price tried to extend above that moving average reaching a high price of $75.14 before rotating to the downside and closing at $72.25. The last close above its 100 day moving average was back on January 22.

This article was written by Greg Michalowski at www.forexlive.com.