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.

The price of crude oil is trading up $1.52 or 2.22% at $70.14. The high price reached $70.51 the low price was at $68.64. The 100 day moving average for crude oil is trading up at $71.31. If the buyers are to take more control getting and staying above that level and then moving above its 200 day moving average near $73.68 would increase the bullish bias from a technical perspective..

Source: Forex Live