Oil prices pulled back after testing the technical resistance area near 41.00 on Tuesday.
However, oil recouped the bullish momentum, and the commodity is now attempting to break past this psychological barrier.
A strong breakout above 41.00 could breathe some fresh air for the oil markets, which have been stuck in a strong sideways range.
With the market sentiment likely to linger on, there is scope for oil prices to break past this level.
Above 41.00, support will need to form in order to confirm further upside. This will put the next key level near 43.50 into focus.