Forex Trading Library

Oil Prices Pullback Higher

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Crude oil prices are back on the front foot after posting moderate declines on Tuesday.

Price action is up over 1.5% on the day with the 41.00 level of support holding prices for the moment.

However, this means that oil prices need to breakout past the previous highs near 43.00. This will likely accelerate the gains to 43.50 where the next key resistance level sits.

Overall, with the 41.00 level of support being tested, oil prices are likely to enter a new sideways range.

Therefore, the 43.50 and the 41.00 level of support will likely hold out as the near term range for the moment.

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