Oil prices fell to the support near 37.66 as expected. The rebound off this level is also seemingly holding up for the moment.
However, price action needs to close above this level to confirm that the support level is holding up for now.
In the near term, WTI crude oil might be stuck within the 40.00 and 37.66 levels.
This potentially raises the odds of a breakout that might emerge following the consolidation within the said levels. For now, the overall bias in crude oil remains to the upside.
