Crude oil prices attempt to recover gains

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WTI Crude oil prices are trading in the green after prices nearly closed flat on Wednesday.

However, the current recovery is still below Wednesday’s highs. A breakout above 38.15 will potentially validate further gains in the commodity.

At the current pace, oil prices are on track to hit the key level of $40 a barrel.

Following this, the next main price point is at 42.00 which held up as support months before.

Thus, a retest of this level could see resistance forming if there is a failure to breakout higher.

To the downside, the price level of 33.66 will be key to stall the commodity from further declines.

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