Oil Prices Trade Weaker, Consolidating Near 41.00

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WTI Crude oil prices are trading on a softer note. Price action is pulling back to the 41.00 level of support where consolidation is taking place.

The lower high near the 42.00 level could signal a move lower. But this can be valid only if oil prices slip below the 40.00 level.

This will potentially open the way for oil prices to extend declines down to the 38.83 level of support once again.

The four-hour Stochastics oscillator is also pushing lower, suggesting a lower move in price action.

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