Reuters is reporting that:
- OPEC+ is hesitant on going ahead with plans April oil output hike due to uncertainty over sanctions and tariffs.
- Russia, UAE would like to proceed with April oil output hike, other members including Saudi Arabia favor a delay.
Crude oil is trading higher, up $1.52 (+2.22%) at $70.14, after reaching an intraday high of $70.51 and a low of $68.64. The bullish momentum has brought prices closer to a key resistance zone.
Technical Levels to Watch
- The 100-day moving average sits at $71.31—a crucial hurdle for buyers.
- A break and sustained move above $71.31 would strengthen bullish momentum.
- The 200-day moving average at $73.68 serves as the next major resistance level.
If buyers fail to push above the 100-day MA, crude could face renewed selling pressure. However, a breakout above $71.31 and then $73.68 would confirm a shift toward a stronger bullish bias.
Crude oil technicals