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wti crude oil

Oil prices have closed in the red for the second consecutive week.

The declines have pushed the commodity down to a two-month low.

To the upside, if oil prices continue with the higher low, we could see a rise back to 38.83.

Establishing resistance at this level could confirm the downside bias, subject to oil prices losing the currently formed lows near 36.15.

We expect prices to trade within this range in the near term.

But on the 4-hour chart, the hidden divergence hints at possible declines.

The next major support area is around the 34.41 level, which is yet to be tested for support.

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