Oil prices are trading flat ever since prices touched intraday highs of 49.29 on December 21.
Since then, oil prices pulled back and are trading in a sideways range. For the moment, this sideways range is likely to continue.
However, the OPEC+ meeting today could offer something for oil investors. Depending on the outcome, oil prices could see a possible move in either direction.
To the downside, support at 47.17 remains. As long as this support holds, oil prices are likely to maintain the upside bias.
To the upside, a close above the 21 December highs of 49.29 is required in order to confirm further gains.