WTI Crude Oil Settles Above 36.51

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Oil prices maintain a steady hold as prices are up over 3% intraday.

The gains managed to push oil prices back above the 36.51 level.

The strong bullish candlestick close on the four-hour chart above this level could keep the momentum going. But this could see price struggling near the 38.83 levels.

Failure to breakout above 38.83 could open the way for oil prices to drop to the 36.51 level once again.

But if support forms here, then there is a higher likelihood for oil prices to continue to the upside.

This bias will change in the near term, if the 36.51 level fails to hold prices.

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