Oil prices offset the losses from Thursday, posting strong gains on Friday.
After consolidating near the 41.00 level of support, the commodity is once again testing the previous highs.
The key challenge for crude oil will be the 42.68 highs from November 11. A breakout above this level is required to post further gains.
This would also open the commodity to challenge the 5th August highs of 43.49.
The 4-hour Stochastics oscillator has more room to the upside, meaning that there is a possibility for oil prices to breakout higher.
