Oil Prices Give Back Gains

WTI crude oil prices are trading weaker on Thursday. This comes right after the commodity posted gains the day before.

Oil prices initially rose after the storm was nearing the Gulf of Mexico, forcing oil producers to shut down operations.

The current declines could see WTI crude oil sliding toward the 42.00 handle.

Most likely, this could be the new support level that might form.

This will put the corridor for WTI crude oil between 43.5 and 42.00 levels for the near term.