Black gold's decline goes on, and today's congested trading doesn't change that. The medium-term factors tend to win over the short-term obstacles simply. But still, can today's situation be an exception to the rule?

Meanwhile, the USD Index has reversed yesterday after attempting a breakout above the rising resistance line, vindicating our cautious approach. But the dollar is on an upswing today. With the jobs data provide a convenient catalyst for the upcoming breakout, or a bit more patience is warranted?

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After several days of relative hesitation, oil did finally moved through and closed below an important support level, making our position immediately profitable. Can the bulls however mount a strong enough response to invalidate the breakdown?

Meanwhile, the USD Index is sitting at its strong short-term resistance line. With many doubters of recent USD strength, what's the likelihood of the upcoming move higher being a lasting one?

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