WTI Crude oil hits 40, then retreats

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Oil prices finally managed to push higher and hit the 40.00 psychological level.

Following the gains to this resistance level, oil prices are pulling back.

We expect prices to potentially pullback in the short term. The initial support is seen at 37.67 where support will most likely form.

To the upside, there is a possibility for oil prices to recover. However, for this, we need to see strong evidence of a breakout above the 40.00 handle.

In any case, we expect oil prices to take a breather ahead of further gains in the trend.

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