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Oil prices are up over one percent on Monday as prices recover from last week’s declines.
Following a brief move below the 34.41 area, oil prices managed to post a strong recovery.
After rising above this level, oil prices are pushing higher. The next challenge will be the 36.51 level.
Establishing resistance at this level could potentially keep price action subdued within the 36.51 and 34.41 levels in the near term.
However, if the bullish momentum continues, then oil prices could be aiming for the next key resistance level near 38.83.
But for this to happen, crude oil will need to establish support at the 36.51 level first.
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