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Oil prices are trading weaker, down about 0.18% on the day. The declines come after oil price posted steady gains into last Friday’s close.
However, price action is pulling back after testing new highs of above 46.50. The declines could see price stalling near the 45.26 level of support.
As long as this support holds, we could expect the upside to resume. Oil prices will need to break past the previous highs to confirm the continuation to the upside.
However, failure to post new highs could signal a move lower.
A close below 45.26 could potentially expose oil prices to test the support level of 43.50 next.
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