Oil prices continue to remain in a holding pattern. Price action fell back to the 42.00 level and oil managed to close slightly higher above this level.
This week’s OPEC meeting might help oil prices to gain some momentum.
To the downside, below the 42.00 level, we could expect to see prices trading flat. This will mean that the range between 42.00 and 41.00 will be in play.
On the other hand, to the upside, a continuation above the 42.00 level is needed.
Therefore, a close above 43.00 thereafter will potentially confirm the upside with the next target coming in at 45.00.