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wti crude oil

Oil prices continued to pullback after the gains over the week that saw the 38.83 level of resistance being tested.

The declines have put price action to trade within the 38.83 and 36.51 levels in the near term.

The support level near 36.51 is likely to stall price action from posting further declines.

But a breakdown below this level could accelerate declines back to the previous lows at 34.41.

In the near term, we expect the sideways range between 38.83 and 36.51 to continue.

The bias also remains mixed, until there is more clarity especially on the US election side and also the fundamentals in the oil markets.

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