Oil prices managed to pare losses on Friday. However, price still remains near the 40.56 level.

We could expect volatility to rise as the OPEC+ leaders meet this week. The bias remains to the upside as a move above the 40.50 level will signal a continuation towards the 42.00 level.

There is a chance that oil prices could break free of this resistance level as well. This will then see crude oil challenging the next big level near the 45.00 handle.

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To the downside, the risks are greater. The lower support is at the 38.00 handle.

A breakdown below this level could see oil prices sliding to the 34.41 level of support.

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