WTI Crude Oil Muted Near 38.83

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Oil prices are back trading weaker following the gains from earlier this week.

After testing the 38.83 level of resistance, the commodity is taking a breather. Prices are down about 0.40% intraday after failing to breakout above the key resistance area.

At this rate, the continued declines could push oil back to the 36.51 level.

Establishing support here could potentially confirm a turnaround in prices.

While the overall range is unlikely to break, prices could be looking to push higher.

Below the 36.51 level of support, we could see another test down to the 34.41 level.

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