Oil up 2% to start the day as the back and forth swings continue this week

Oil trades up 2% to $59.79 to start European morning trade

Oil 26-03

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.

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