Oil Consolidation Continues As OPEC Meeting Nears

Crude oil prices continue to maintain its recent range, albeit price action is recovering from last Friday’s slump.

Oil markets will be looking for cues from the OPEC+ meeting this week, which is due on Wednesday. Price action is firmly entrenched near the 42.00 handle.

At the time of writing, oil prices are lifting off strongly from this level. But unless we see a clear indication of a breakout above 43.00 marking the previous highs, the ranging price action will continue.

For the moment, the 42.00 level might be holding up support, giving some weight to the upside bias.