Crude Oil Attempts to Pare Losses

WTI crude oil prices are looking bullish with price action posting a strong recovery after the declines from Thursday and Friday last week.

For the moment, price is yet to breakout above last Thursday’s highs of 62.22. But this is essential for the commodity to maintain its bullish position.

Following the reversal in the direction on Monday, we expect the minor support near 58.85 to hold prices from declining further.

To the upside, oil prices will be battling the confluence of the horizontal resistance level and the trendline around the 60.87 region.

If price fails to close out above this level, we could see a correction down to the 57.35 level eventually.

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