Crude oil prices continue to trade choppy with Friday’s price action closing bearish. However, crude oil managed to recover from the intraday declines on Thursday to settle near the top.
Overall price action remains caught within the 41 and 38.83 levels. This sideways range is likely to continue unless there is a strong breakout.
Friday’s price action saw oil rising back to trade just a few points below the 41.00 resistance level.
With the stochastics oscillator trading flat, we could see prices pulling back again from this level.