Crude oil pares losses, but downside risk remains

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Oil prices’ attempts to make a comeback helped somewhat. Price rose about 1.3% on Friday after the previous session’s strong selloff.

As a result, WTI crude oil fell just a few points shy of the 34.42 level of support before reversing losses.

For the moment, we could expect to see this short term recovery sending oil prices back to the 37.67 level.

If price fails to break-out above this level, then we expect a sideways range to form.

Crude oil could likely trade within the 37.67 and 34.42 levels in the near term.

The bias remains to the downside as we expect a firmer test of this level.

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