West Texas Intermediate (WTI), the benchmark for New York-traded crude oil fluctuated in and out of losses and gains on Wednesday as concerns the economic recovery in the United States is slowing, as the coronavirus outbreak lingers.
Both benchmarks were mixed on Wednesday after government data showed U.S. crude and fuel stockpiles dropped last week.
On the supply side, the market remains wary of a resumption of exports from Libya, although it is unclear how quickly it can ramp up volumes.
From a technical standpoint, the support is located at $38.90-00 support, with $36.20-40 viewed beneath.
The resistance holds from the region of $40.40 minor with $41.45-55 seen above. Reassess from there.