Oil Prices Drift Between 53.77 And 51.87

WTI crude oil prices continue to maintain a sideways range within the said levels. Prices attempted to make some modest gains, but at the time of writing, oil prices are giving back those gains.

The current slide could see the lower end of the range being tested once again. With the previous uptrend now coming to a halt, the current consolidation could see a breakout.

The overall bias remains mixed, but a breakout below the 51.87 level could see a possible correction down to the 49.00 level of support.

To the upside, above the 53.77 level, we could expect price to test the 55.00 level next.