Crude prices test 200-day moving average at $73.58 after Kuwait accelerates production, pressuring markets.
Kuwait increased oil output to over 2 million barrels per day within a week, exceeding earlier expectations. The move aims to capitalize on global demand but adds supply-side pressure to crude markets.
Oil prices fell below $74.00, trading at $73.94 and nearing the 200-day moving average at $73.58. The level is seen as critical support, with traders closely watching for a potential bounce or breakdown. The pre-war closing price on February 27 was $67.04.
A sustained drop below $73.58 could trigger further declines, while holding above may encourage a short-term rebound. Buyers have so far defended the level, stabilizing prices within a narrow range.