Crude oil prices did not react much to the latest news of Moderna joining the ranks of other pharmaceutical companies announcing the COVID-19 vaccine.
Price action was soft for the most part of the day. Oil prices managed to recover past the 41.00 handle but failure to make further gains are pushing prices back to the 41.00 level.
As long as this support level holds, crude oil prices have further room to rise and test the 43.50 level next.
However, in the event that the 41.00 handle is lost, we could expect price action to settle back into its previous range.
The next lower support at 38.83 comes into focus with the short term uptrend likely to lose momentum.