WTI Crude Oil Falls Back Into Consolidation

wti crude oil

Oil prices have been somewhat volatile over the past few sessions.

After trading strongly above the 42.00 level, oil prices gave way, paring gains. As a result, WTI crude oil is now trading within the 42.00 and 41.00 levels.

A breakout from this range needs to be convincing in order to maintain the trend.

While the bias remains to the upside, we could expect this sideways action to prevail.

To the downside, below the 41.00 handle, the previous lows near 39.00 might act as support.

To the upside, 43.00 forms the key resistance level.

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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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