Oil Steadies Above 38.83

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Crude oil prices are trading with some modest gains on Wednesday. This is after earlier in the week, a weaker inventory report from the American Petroleum Institute (API) saw price falling.

For the moment, oil prices are holding on to the support level near the 38.83 level. But unless oil prices can break past the 41.00 handle, we do not expect to see price action making any big moves.

It could very well be that oil prices might settle within the range of 41.00 and 38.83 in the near term.

But overall, if the 38.83 level of support holds, it adds weight to the upside bias. This means that we could possibly expect prices to retest the 41.00 level.

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