Oil prices are trading bullish as price action fully recovered on Thursday from the losses from the previous two sessions.

But prices are still off the 41.00 handle where resistance is likely to hold in the near term.

The outlook remains mixed for oil prices as the sideways range between 41.00 and 38.83 continues to hold for the moment.

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However, so far, we are seeing a consistent higher low forming.

This means that if oil prices could break past the 41.00 handle and form another higher low above or close to this level, further gains could be expected.

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