US President Donald Trump on Friday criticized OPEC for output reductions that have helped raise oil prices and said the action would not be tolerated, as oil prices appeared set for a second consecutive week of gains. How high can Trump push oil prices? ADS Securities shared their 20 April Crude Oil Price Outlook.
20 April, ADS Securities – The Brent Crude traded with a bullish tone in the previous session and closed at $73.78, after hitting a high at $74.75.
20 April Crude Oil Price Outlook
As of now, the commodity is trading above the short-term and long-term EMAs on the 1H chart, hinting at a positive technical scenario for the coming session. In addition, the MACD indicator is trading in its positive territory, further affirming the above stance.
Meanwhile, traders would eye the outcome of the joint OPEC and non-OPEC ministerial meeting. Key technical obstacle is located at the $74.40 level, followed by the psychological $75.00 and $75.50 levels. A clear break above the latter might prompt further acceleration to the upside.
On the flipside, key support exists at the $73.25 level, followed by the $72.70 and $72.30 levels. A breach below the latter might trigger negativity in the Brent crude.
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