Connecting the 2018 bottom and the lowest intraday price of 2019 created a steep support line alongside which the crude oil has been rising steadily so far. But then the previous week changed it all when the price of black gold failed to move higher. Despite some intraday strength, crude oil ended the previous week in the red. The momentum was lost. Some will say that it’s just a pause and the uptrend will be resumed shortly, but will they be right?

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Although yesterday’s data from the U.S. Energy Information Administration showed that crude inventories rose by almost 8 million barrels and gasoline stocks increased for an eighth consecutive week, the price of the commodity gained 0.97%. How did this move affect the very short-term picture?

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On Wednesday, crude oil wavered between small gains and losses, but finally finished the day 0.74% below Tuesday s closure. Did this fall change anything in the overall situation?

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On Tuesday, crude oil moved lower and slipped to the previously-broken important levels. Nevertheless, in the following hour the price of the commodity rebounded and closed the day above the $53. What’s next?

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Crude oil closed Friday’s session above several important resistances, but despite these improvements their rivals took the price of black gold lower earlier today. What could it mean for the commodity?

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