Oil Technical Analysis: OPEC+ is seeing internal struggle Crude Oil prices are stuck in a tight range as it appears that the OPEC+ theater is starting to fall apart. With the outlash from Iran, a heated discussion could be taking place on Thursday. Still, in terms of production curbs, OPEC+ can do little to tweak expectations, so the chances for more downturn in Oil prices are bigger than those for an upturn.

On the upside, the pivotal level at $71.46 and the 100-day Simple Moving Average (SMA) at $72.01 are the two main resistances. The 200-day SMA at $76.18 is still far off, although it could be tested if tensions intensify further. In its rally towards that 200-day SMA, the pivotal level at $75.27 could still slow down any upticks.

On the other side, traders need to look towards $67.12 – a level that held the price in May and June 2023 – to find the first support. In case that breaks, the 2024 year-to-date low emerges at $64.75, followed by $64.38, the low from 2023.