Crude oil pares losses

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WTI Crude oil prices are back on the front again after price is resuming its uptrend.

Following the consolidation near the 37.67 level, oil prices are pushing higher.

This could potentially set the stage for oil prices to rise to the 40.00 handle.

However, the consolidation above 37.67 gives room for doubt. Therefore, there is a possibility that oil prices might lose this support level.

This downside risk can be mitigated if there is a bullish candlestick pattern that will confirm the upside.

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