Oil prices are holding steady despite fresh EIA forecasts released on Thursday. The data showed a lower demand for crude oil for this year.
But the commodity has brushed aside the report. With 42.00 cleared, we could expect price to continue to inch higher as it approaches the next key level near the 43.70 handle.
Any pullbacks will need to be contained near the 42.00 level which could now turn to support.
This will also build the case for the upside bias. The trend line is, however, important to watch.
A breakout of this trend line could suggest that WTI crude oil will renter its old sideways range.