On Tuesday, it was seen hovering just above this level, and we might see another rally later in the day.
For the past couple of days, oil has been stuck in a narrow range, and volatility has been small.
The demand zone appears at around 39.50 USD from the intraday perspective, and this level is currently being tested.
However, the major support seems to be at 39 USD, and if this level is broken to the downside, we could see a quick decline to the 36 USD area, where September lows are located.
Alternatively, the resistance could be spotted at 40.50 USD, and if not held, oil could shoot toward September highs of 41.50 USD.
The greenback might decide the near-term future of oil. If the USD continues to decline, oil might push above the 40.50 USD. On the other hand, should the EURUSD pair drop below 1.16, the WTI might finally move below 39.00 USD.