OPEC+ is considering an April oil output increase but faces uncertainty regarding sanctions and tariffs. While Russia and the UAE support the output hike, other members, including Saudi Arabia, prefer to postpone.

Crude oil prices have risen by $1.52 (+2.22%) to $70.14, reaching an intraday high of $70.51 and a low of $68.64. This upward movement is approaching a key resistance level.

The 100-day moving average at $71.31 is a critical point for buyers. Should the price break above this level, it may lead to stronger bullish momentum, with the next resistance at the 200-day moving average of $73.68.

If prices do not surpass the 100-day moving average, selling pressure may increase. Conversely, a breakout above $71.31 and $73.68 would indicate a shift towards a stronger bullish trend.

Uncertainty surrounding sanctions and tariffs adds complexity to the decision-making process within OPEC+. While Moscow and Abu Dhabi advocate for an increase in production as early as April, Riyadh and other members are inclined to wait. This division leaves the market in a state of anticipation, with traders closely watching for any statement that may tip the balance one way or the other.

The recent climb in crude oil prices suggests growing optimism among buyers. A gain of $1.52 (+2.22%) has pushed prices to $70.14, with an intraday peak of $70.51 and a low of $68.64. Momentum has brought prices near an area that has posed challenges in the past.

Technical indicators now play an essential role. The 100-day moving average, currently sitting at $71.31, represents a key threshold. If buyers manage to drive prices above this point, the resulting momentum could extend gains towards $73.68, where the 200-day moving average stands as a further hurdle. Historically, such levels often generate both support and resistance, making them areas where buying and selling orders tend to cluster.

If the price struggles to move above the 100-day mark, downward pressure could mount. This would invite stronger selling activity, reinforcing the argument that recent gains were nothing more than a temporary move. However, should a decisive break above $71.31 occur, attention would quickly shift to whether $73.68 can be surpassed. If so, this could signal a broader shift in market sentiment.

Traders should remain attentive to both technical signals and statements from key OPEC+ participants. Any unexpected shift in policy discussions could send prices moving rapidly in either direction, testing the conviction of both buyers and sellers.