WTI Crude Oil Consolidates Near Current Highs
Oil prices are trading flat ever since prices touched intraday highs of 49.29 on 21 December.
Since then, oil prices pulled back and are trading in a sideways range. For the moment, this sideways range is likely to continue.
However, the OPEC+ meeting today could offer something for oil investors. Depending on the outcome, oil prices could see a possible move in either direction.
To the downside, support at 47.17 remains. As long as this support holds, oil prices are likely to maintain the upside bias.
To the upside, a close above the 21 December highs of 49.29 is required in order to confirm further gains.
Reprinted from ActionForex，the copyright all reserved by the original author.
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