Oil Prices Give Back Gains

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WTI Crude oil prices are trading weaker, giving back some of the gains from Wednesday.

Price action remains supported above the 41.00 level for the moment. However, as the momentum continues to point to the downside, we could expect to see declines if the support breaks.

This will potentially open the way for oil prices to slip back to the 38.83 level of support again.

Given that the support level here has not been tested firmly, we could expect a pullback within the larger uptrend since early November.

To the upside, it is likely to see oil prices making gains in the near term.

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