OPEC Secretary-General says
There are currently no developments in supply or market dynamicsDoes not see the need for unnecessary measures.
Crude oil prices are sharply higher amid growing concerns over supply disruptions. On the technical front, the daily chart shows a strong breakout above the 200-day moving average, which sits at $68.47. This level had previously capped gains, but the price did close above the MA level yesterday increasing the bullish bias.
Today’s move also saw a break above the 61.8% retracement of the 2025 trading range, located near $70.96—adding to the bullish momentum. Crude is currently trading at $72.91, up $4.09 or 5.94% on the day, after hitting an intraday high of $77.57, the highest level since January 20. For reference, the year’s high remains at $80.73, reached on January 15.
Close support is now seen at the April 2 high price at $72.22. Move below that level and the 61.8% retracement at $70.96 would be targeted.
This article was written by Greg Michalowski at www.forexlive.com.