Crude oil prices are trading mixed, following last Friday’s bullish close.
However, failure to breakout above the 40.00 level has kept price action subdued.
The OPEC member nations including Russia are due to meet this week. Therefore, we expect to see a strong fundamental driven breakout in the making in the near term.
To the upside, oil prices will have to break out above the 42.00 handle to confirm further gains.
Alternately, to the downside, the minor support area near 38.10 might hold up prices from posting further declines.