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Oil prices are reacting strongly to the news of the development of the COVID-19 vaccine.
Oil prices gained over $3.50 on Monday to settle close to the 40.00 level.
A brief intraday test of this level saw prices being rejected.
Still, there is a good chance that WTI crude oil will continue its gains.
A strong close above 40.00 is required for further gains. This could see the 43.495 level of resistance being the next key level of interest.
However, this is more achievable if support forms near the 40.00 level.
For the moment, there is a slight risk for price action to pullback lower.
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