OPEC Sec-Gen: There are currently no developments in supply, or market dynamics.

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, 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.