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Oil prices took a nosedive on Monday, losing about 2.7% intraday. The declines came on the news about the Norwegian oil workers striking coming to an end.
Furthermore, restrictions on Libya’s largest oil field was also lifted, adding to additional supply.
Oil prices fell right after price briefly traded above the 41.00 handle.
Following this, there was a steady decline for the most part on Monday.
Oil prices are now a few points away from re-testing the 38.835 level of support. We could see this support level holding up in the near term.
The Stochastics oscillator is also firmly in the oversold area, adding to the upward bias.
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