Brent and Crude are soaring by about 3%, breaking above their respective 21-day SMAs, after Libya's rival (eastern) government ordered a stop to all oil production and exports. With this breaking development, where are oil prices headed to next?

Key central bank decisions and top-tier economic data could rock markets in the week ahead. The spotlight shines on oil benchmarks thanks to the OPEC+ decision over the weekend.

It has been a choppy affair for oil prices thanks to a combination of fundamental forces.

Brent's 50-day simple moving average (SMA) is in the midst of crossing below its 200-day counterpart. Such a technical event tends to signal price declines ahead. However, fundamental forces may yet offset such potentially bearish technical signals.