Oil prices have been somewhat volatile over the past few sessions.

After trading strongly above the 42.00 level, oil prices gave way, paring gains. As a result, WTI crude oil is now trading within the 42.00 and 41.00 levels.

A breakout from this range needs to be convincing in order to maintain the trend.

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While the bias remains to the upside, we could expect this sideways action to prevail.

To the downside, below the 41.00 handle, the previous lows near 39.00 might act as support.

To the upside, 43.00 forms the key resistance level.

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