Oil prices are trading weaker on Tuesday. The declines come despite the US dollar taking a strong hit.
The move to the downside comes after oil prices failed to make any big moves to the upside.
As a result, WTI crude oil was consolidating around the 45.00 level for a considerable period of time.
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After losing this handle, oil prices are likely to push lower. The next key support is near the 43.50 level.
However, we expect the pullback to see prices retracing the 45.00 handle.
If resistance is firmly established here, then we could expect to see further declines down to the 43.50 level.