Oil Prices Stabilize After Touching a Two-Month High

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WTI crude oil prices are trading somewhat soft but intraday gains are over one percent.

The commodity initially rose to a two-month high before pulling back.

The declines saw the 41.00 level being tested for support. With prices being rejected quickly at this level, there is a modest rebound.

But for the gains to continue, oil prices will need to breakout past the previous highs.

This could mean that the 43.50 level of resistance remains within sight.

To the downside, if the 41.00 level gives way, then oil prices could be looking for a deeper correction down to the 38.83 level.

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