On Wednesday, black gold lost 3% and declined under two medium-term support lines after the Energy Informational Administration’s report showed that crude oil inventories unexpectedly increased by 6.8 million barrels in the week ending Aug 10. Although these are negative factors, which suggest further deterioration, there is one but…

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Although oil bulls triggered a move to the upside after yesterday’s market open, they were not strong enough to keep gained levels. This show of weakness encouraged their opponents to act. How did the Tuesday battle end and what could be its consequences?

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The beginning of the week took the price of crude oil lower once again. A fresh multi-week low, a test of medium-term support and a rebound. Quite a lot happened during yesterday's session. However, when the emotions already subsided, the question arises: did yesterday's strong oil bulls' answer to the drop suggest that black gold would back above $ 70 in the following days?

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Although Friday’s session brought a fresh summer low in black gold, oil bulls didn’t give up without fight. As a result, light crude gained 1.23% and came back to the previously-broken resistance line. But did it change anything in the short-term picture?

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On Thursday, crude oil wavered between small gains and losses, but finally finished the day 0.19% below Wednesday’s closing price. Does it mean that oil bears lost their strength and we will see another rebound?

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Wednesday’s session showed how bears can fight if they get the right motivation. What can this lead to in the next days?

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On Tuesday, crude oil gained 0.23% and oil bulls managed to close the day above the very short-term declining resistance line. Positive development? Only the first sight. Why? All details you will find in today’s alert.

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Although yesterday's session approached black gold to the barrier of $70, the combination of several important technical factors stopped the buyers, which allowed oil bears to re-enter the trading floor. We observed a similar situation by analyzing the relation of oil with gold and silver. Does this positive relationship correctly bode the price of oil in the coming days?

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The very short-term changes have thrown the price of crude oil up and down in the last days, causing some doubts as to who is in charge. However, when we expand the picture of the commodity a bit and look at it from the medium- and long-term perspectives, we can easily point those who have an advantage over their rivals.

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Wednesday’s session belonged to oil bears. Thanks to their yesterday's attack, black gold lost 1.6%, the price fell below $68 and the likelihood of a pro-declining scenario significantly increased. Where will the commodity head next?

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Analyzing the daily chart of crude oil, it seems that the most important event of yesterday's session was the breakdown below the lower border of the very short-term rising trend channel. However, the return of black gold below $ 70 may have much more serious consequences than it might seem at first glance.

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Monday’s session took crude oil above the 38.2% Fibonacci retracement and the barrier of $70. But did yesterday’s upswing change anything in the short-term outlook?

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During today’s pre-market trading oil bulls took crude oil above the barrier of $70, but will the commodity stay above it for longer?

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Recent days were good for oil bulls. Thanks to their action, the price of the commodity came back to around $70 and one of the daily indicators even generated a buy signal. Did the outlook turn to bullish? In our opinion, it didn’t. Furthermore, it seems that a fresh July low is still ahead of us. Why? The answer is quite simple - an analogy to the past.

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After several unsuccessful attempts to break through to higher levels, oil bulls finally meet the first important Fibonacci retracement during Wednesday's session. Was this meeting easy for them? Not really, because the price of crude oil turned back quite quickly to the south. Will oil bears use this opportunity to implement their pro-declining plans in the following days?

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