Crude Oil Posts Modest Gains on Weaker USD

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Oil prices are turning higher, albeit price action remains relatively flat. A weaker dollar is helping to push the oil prices modestly higher.

But the recent highs near 48.94 remains a lower high compared to the previous highs. Therefore, this opens the risk of a downside correction.

For now, there is a minor support level forming near 47.68. As long as this support level holds, we could expect to see some sideways consolidation or a move higher.

But if prices break down below this level, then we could expect to see a move lower.

The next key level of interest will be 47.17 followed by the 45.26 levels of support.

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