Oil Prices Hold Steady Below 41

WTI crude oil prices continue to trade mixed with price action holding steady below the 41.00 level of resistance.

Monday’s price action marks the fifth session where oil prices have been trading in a range, within the high and lows from last Monday.

A breakout from this range could see the larger sideways range giving way to a stronger trend.

For the moment, watch how the price action unfolds as WTI crude oil approaches the 41.00 level.

Above this level, the 42.00 level will be the next crucial resistance level to break.

As a result, we could expect this sideways range to continue in the near term. There is also a risk that prices could fall back to the 38.83 level, given that the lower support area was not fully tested.