In the near term, oil prices could remain range bound within 48/49 and 44/45 levels.
Support is seen at 44.80 – 43.40, which remains an important level which needs to contain the declines to keep any hopes of further gains to the resistance at 54.88 – 55.0 levels. A breakdown below the support could potentially invalidate any upside bias, especially if resistance can be confirmed at the freshly broken support level.
On the daily chart, the price is seen edging lower to the support level seen at 44.50 – 44.0 which is also likely to be supported by the 200-day moving average. The bullish flag pattern remains in play as long as price doesn’t break out below this main support level. A weekly close below 42.37 – 41.75 could potentially shift the bias to the downside for a stronger correction to 38.25 where the next support level is seen.