Oil Prices Trading Weaker

Crude oil prices are down nearly 2% on Thursday. The declines come after prices failed to make any major gains above the 40.00 handle.

This has formed an ascending triangle pattern, which seems to be challenged at the moment.

A downside break out of this minor rising trend line will suggest a possible move lower.

Alternately, if price action continues to consolidate, it might give the upside bias a push.

However, crude oil will then need to challenge the 42.00 level thereafter.