Crude oil retreats after hitting $40.00

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WTI Crude oil prices made a strong gain in the early Asian trading session on Monday. Prices, as a result, hit the key level of 40.00.

However, the commodity gave back the gains just as quickly and is down over 2% intraday.

The volatility in crude oil continues and this move could see a possible correction lower.

For the moment, the minor support level at 37.67 might stall the declines.

But in the event of a breakdown lower, we expect oil prices to correct to the 34.42 level.

A lower high will possibly validate this downside bias.

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