Oil prices are down about one percent intraday. The declines come as OPEC leaders meet in Vienna.
Rumors over the weekend suggested that OPEC+, which includes Russia, will keep the present production cuts in place.
Technically, oil prices are stuck near the resistance level of 45.50. Furthermore, there is also a consolidation with the trend line and the horizontal resistance level.
Therefore, if price breaks from this region, we could expect to see a stronger correction lower.
The next key level of interest will be near the 42.50 level of support.