Oil trades up 2% to $59.79 to start European morning trade
The back and forth moves in oil this week continue with the latest gains today feeding off news that the Suez Canal may stay blocked for at least another week.
This is now pushing price back up to test its 100-hour moving average (red line) @ $59.77 and that will be a key near-term level to watch with further resistance then seen closer towards $61.30 and then closer to $62.00 based on the swings this week.
Looking ahead, the OPEC+ meeting in April still holds the key for oil market sentiment as traders continue to sit in a state of flux, debating between the Suez Canal disruption and recent musings on a weaker demand outlook.