WTI crude oil prices closed with modest gains on Friday. Price action in crude oil remains flat amid the economic outlook turning mixed. However, last week’s retail sales report managed to quell fears of a recession. This partly led to gains in oil prices but the commodity failed to capitalize on it. The strength of the USD also dampened the upside bias in oil.
WTI Crude Oil to Maintain the Sideways Range
Oil prices are expected to maintain the sideways range. The resistance level is established at 57.50 while the support is found at 51.70. Amid this level, the minor support at 52.00 is seeing a bit of consolidation. Overall, oil prices need to break out from this range to establish some momentum and direction to the trend. Until then, we expect prices to remain flat.
