Oil prices are trading soft with price action attempting to pare losses from last week.

Still, prices are hovering near the 37.00 handle.

To the upside, the main resistance is seen at 38.83, while to the downside, last week’s lows near 36.44 forms the line in the sand.

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A breakout from either of these two levels could trigger the gains or declines accordingly.

For the moment, a weaker USD is likely helping to keep oil prices supported to the upside.

However, we need to see stronger evidence of higher lows to confirm further gains in the commodity.

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