WTI crude oil prices are posting modest gains rising over 1% on Monday. This comes as prices briefly slipped below the lower end of the range near 51.87.
Despite the current pace of gains, oil prices remain stuck within the range between 53.77 and 51.87. Only a strong breakout from this level will potentially confirm further direction in the commodity.
For the moment, the continuation to the upside could see the 53.77 level being tested.
On a weekly basis, we see that oil prices are trading flat for three consecutive weeks so far.
The stochastics oscillator is currently moving out from the oversold levels and gives support to the upside bounce.
