Oil prices are trading slightly higher with prices rising modestly, by 1.50% intraday. However, prices remain strongly below the 22.00 handle meaning that there is still a downside risk.
For the moment, price action is caught in the range of 22.00 and 19.25. A breakout from these levels could be expected.
The Stochastics oscillator points to a possible hidden divergence which confirms with the downside bias.