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The consolidation in the oil markets continue. Price action is testing the lower end of the range at 41.00.

This marks the second test of this level which has held up so far. To the upside, the range high near 42.00 remains strong to breach at this point.

However, given the short term bias in oil, there is scope for price action to breakdown lower. A close below 41.00 could confirm a decline toward the 38 – 40 level next.

The minor trend line could also act as support in the short term to prevent the commodity from further declines.

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