Oil prices are bullish on Monday on a host of factors, ranging from the strike in Norway to President Trump’s health updates.
The weaker US dollar is also helping the commodity to make some gains in the near term.
The rebound comes after oil prices managed to pare losses, reversing just above the 36.51 level of support.
The following rally saw prices breaking past the 38.83 level of resistance.
A breakout above this level could confirm further upside with the 41.00 price level coming back into focus. Alternatively, if prices fail to establish support above 38.83, then we expect price action to drift back into the lower range.
It is also possible that oil prices could once again test the 36.51 level of support more firmly.