Crude Oil Consolidates Near 37.00

wti crude oil

Oil prices are trading soft with price action attempting to pare losses from last week.

Still, prices are hovering near the 37.00 handle.

To the upside, the main resistance is seen at 38.83, while to the downside, last week’s lows near 36.44 forms the line in the sand.

A breakout from either of these two levels could trigger the gains or declines accordingly.

For the moment, a weaker USD is likely helping to keep oil prices supported to the upside.

However, we need to see stronger evidence of higher lows to confirm further gains in the commodity.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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