Crude oil prices continue to maintain a rather choppy range.
Prices briefly tested the 41.00 level but soon settled lower. We expect this to continue in the near term, with the potential for prices to test the short term rising trend line.
However, a strong breakout above 41.00 is required for prices to continue the larger uptrend.
To the downside, support is seen near the 38.78 level. This price area could be tested iF oil prices turn bearish in the near term.
Still, we expect to see price action in oil markets continue to remain choppy below the 41.00 handle.