Oil prices are giving back some of the gains made earlier this week. This comes as prices struggle near the resistance level of 45.00.
After a brief attempt to move higher, oil prices gave back their gains near this resistance level.
This could potentially signal a downside correction in the near term.
A continuation to the downside will see oil prices falling to short term support of 43.50. As long as this level holds, oil prices could be trading flat in the near term.
A close below the 43.50 level could signal further declines down to the 41.00 level of support next.