WTI crude oil prices rose 1.3% on Friday as price action is comfortably trading above the lower end of the range at 11.86.
With the upper resistance level seen at 18.62, we expect prices to trade within this level in the near term.
To the upside, a close above 18.62 will see oil prices testing the psychological resistance level of 20.00.
But there is also scope for prices to pullback lower once again. This makes the 11.86 level quite important in the near term.
