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Crude oil near important support zone

Prices of crude oil remained volatile in the previous session. While prices initially drifted lower, we saw some recovery in them later in the day.

On the hourly charts, prices have taken support near 61.8% retracement level of its prior up move from 3,900 to 4,300-levels.

Momentum indicator RSI reading is above 40 marks. Hence, pullback towards 4,180/4,200 is likely as long as 4,040 is protected on the downside.