Oil Drops 2% as Lockdown Measures Threaten Demand

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Crude oil prices flipped as the commodity erased the gains made on Wednesday.

The lower high in price action is also potentially building the downside bias.

For the moment, oil prices remain within the 41.00 and 38.83 levels.

Unless there is a strong breakout from one of these levels, price action could remain drifting sideways.

The stochastics oscillator on the 4-hour chart could however signal a bullish moment building up.

But this would push oil prices back to the 41.00 level once again.

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