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Oil prices continue to extend losses, falling over four percent intraday. The declines saw oil prices falling to a four-month low at 34.91.

However, we see a modest recovery from these lows. But now, price will need to challenge the 36.51 level.

If resistance forms here, then we expect price action to stay subdued to the downside.

A close above 36.51 could, however, change the bias slightly to the upside.

Still, it seems like oil prices are holding on to the sideways range. Further declines could push oil prices back on track for medium-term declines.

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