Oil prices are trading flat one day after price action attempted to break past the 41.00 handle.
The muted price action comes amid weakening forecasts for crude oil.
Furthermore, talks of Russia supporting cutbacks to production is offsetting the bearish sentiment.
In the near term, we expect crude oil prices to continue trading flat. The price action could be confined to the range between the 41.00 and the 39.50 levels for the short term.
In the medium-term outlook, there is scope for price action to breakout higher.
But this is subject to oil prices breaking past the 41.00 -41.50 level of resistance.