OPEC Secretary-General says
- There are currently no developments in supply or market dynamics
- Does 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, with the price failing to hold above it in yesterday’s session.
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.
This article was written by Greg Michalowski at www.forexlive.com.