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wti crude oil

Oil prices continue to trade weak above the 45.50 level. Prices fell once again on Wednesday, testing the 45.50 level of support.

So far, no new highs have formed. This consolidation could lead to a potential correction if support gives way.

Below the 45.50, the next key support area is seen at the 43.50 level. We could expect this support level to hold in the near term.

It would also mean that oil prices could continue trading flat within the newly established range below the 45.50 level.

The Stochastics oscillator is also signaling a move lower. This could possibly confirm the downside bias for the moment.

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