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