Oil prices are continuing to hold the bullish moment. Prices gained over 2% on Wednesday as WTI crude oil approached the 45.00 level of resistance.
However, to steer clear above this level, further gains are required. For the moment, we could expect to see some consolidation taking place.
Failure to breakout higher above 45.00 could signal a short term consolidation.
To the downside, the minor support level near 43.50 could be tested. Below this level, the next key support area is 41.00.