Crude oil prices trade mixed as the developments on the ground unfold. With the new President Biden being quick to rejoin the Paris climate accord, speculators expect further changes on fossil fuel.
President Biden was quick to announce new curbs on the US oil industry. The current sideways range in the oil markets reflect this sentiment. Speculators remain on the sidelines for now in order to ascertain more data.
As a result, WTI crude oil prices are likely to maintain a sideways range within 53.77 and 51.87 levels for the near term. Only a strong breakout from this range will set the next direction.
The intraday Stochastics oscillator is also currently turning flat. To the downside, a close below 51.87 will open the way toward the 49.03 level of support.
While to the upside, a close above 53.77 could see oil prices building up the bullish momentum.