Oil prices made up for the losses set off last week. After breaking past the 38.83 level which did not offer much resistance, price action pulled higher.

Late in the US trading session, oil prices briefly tested the 41.00 level before pulling back modestly.

But given the bullish momentum, a breakout above the 41.00 level is likely.

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This will put the upside toward the 42.00 price level next.

The close above 38.83 also diminishes the downside bias in oil markets. That is unless we see a break down below 38.83 once again.

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