Oil prices are trading somewhat volatile over the past two sessions. The commodity is up over 1.25% on an intraday basis.
The gains come as WTI crude oil is testing the 41.00 level once again. Given that this price level held up as floor, a retest back to this region could see resistance forming.
If oil prices fail to breakout above 41.00 then we might get to see a move lower.
For now, the key swing point near 39.75 will be critical. If oil prices slip below this level then we could see a move toward the 37.50 – 38.00 level eventually.