WTI Crude oil prices made modest attempts to rise intraday. However, the gains were erased quickly.
Price action turned bearish into the mid-US trading session. Oil prices fell to the 42.00 handle. Just a few weeks ago this is the level that was briefly tested for support.
The current gains come as oil prices failed to break out of the 43.50 ceiling.
For the moment, prices are trading well below the 42.00 handle.
However, if oil prices do not recover, we could see another sideways range form within the 42.00 and the 41.00 handle.