Oil prices are back trading below the 42.00 level. Price action made attempts in breaking out above this key price area.
However, sellers promptly pushed prices lower. WTI Crude oil is now trading flat within the 42.00 and 41.00 levels.
But the overall bias is to the upside as long as the 41.00 price level holds. We could expect to see a breakout if oil prices can capitalize on the current weakness in the US dollar.
However, the bias will shift if the 41.00 level gives way.