[USOIL] CONSOLIDATION IN PLAY?

In the medium term, our main focus is the support around 45.60$. Hence, potential bearish pattern with target around 37.00$.
If you interested in the potential dynamics on lower time frames, continues to follow us on TradingView!

Thank you for your support and trade with care!

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...at the support area....

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Crude oil prices tumbled on Thursday, erasing the gains made since a production cut deal last November, while the euro strengthened against the U.S. dollar as a pro-European Union centrist looked set to win the French presidency. Corporate results boosted European stocks to their highest in almost two years, while losses in energy shares and gains in the healthcare sector kept Wall Street little changed. Oil prices fell to the lowest since late November on signs that OPEC and other producing countries would not take more drastic steps to reduce the world's persistent glut of crude. U.S. crude fell 5.06% to $45.40 per barrel and Brent was at $48.35, down 4.8% on the day (below YPP).
While (OPEC) is expected to extend a self-imposed production cap by another six months, it will be a challenge to convince several non-OPEC members to follow suit. Persistent growth in U.S. oil production ... will also make extensions of the OPEC cap beyond 2017 unlikely.

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Our Setup:

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...short term support