Crude oil prices are back trading on a weaker note a day after price posted a strong rebound.

The declines came after the weekly US crude oil inventory report showed increasing stockpiles.

With the oil markets already sensitive to demand concerns, the report saw traders pushing prices lower.

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For the moment, oil prices have further room to fall, with the previous low of 36.12 likely to hold up as support.

Only a break down below this swing low will see further declines.

The next main support level is near the 34.41 level. To the upside, any unlikely gains could see oil prices testing the 38.83 level of resistance.

 

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