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Oil prices made a firm recovery, paring losses for a second day on Tuesday.

Price action is back near the 41.00 handle once again. However, the current momentum and set up indicates that we could see a pullback.

This will keep price action confined to the 41 and 38.83 levels.

A close above the previous swing highs of 41.64 could confirm further upside, leading to the 42.00 level next.

In the near term, watch how price action unfolds near the 41.0 handle.

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