WTI Crude oil bounces higher

A day after WTI crude oil prices fell to lows near 19.25, price action is posting a rebound.

But the overall gains remain limited as oil prices consolidate between the 22.00 and 19.25 levels.

Unless there is a breakout from one of these levels, oil prices are poised to remain flat.

Watch for a potential break down below the 19.25 level which will accelerate the decline further.

To the upside, oil prices need to post a convincing close above 22.00 for any upside.