Oil prices gave back some of the gains made from last week. This comes after prices broke past the 41.00 level of resistance.
The gains saw oil prices trading briefly close to the 43.00 handle before easing back.
As a result, oil prices broke past the 41.00 handle to close near 40.11.
This could mean that further declines will push oil prices back to the 38.83 level.
Establishing support near this support could potentially confirm the upside momentum.
The Stochastics oscillator is oversold at the moment.
But this could mean that oil prices might once again move into a sideways range between the 41.00 and 38.83 levels for the moment.