Thursday's session disappointed many oil bulls’ supporters, because their weakness after the session’s opening contributed to a further deterioration in the price of black gold. Despite yesterday’s downswing, there is still one more oil bull's fortress, which continues to keep declines in check. How important is it for both sides of the market?

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In recent days, oil bears invalidated a tiny breakout above two resistances, which took the price of light crude under the previously-broken moving average. Wait a minute… haven’t we seen it before?

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Even though Tuesday’s session began very well for oil bulls, the combination of several resistances lured out their opponents, who decided to get something for themselves. Thanks to their activity, the price of crude oil came back below the barrier of $70, invalidating the earlier breakouts. From the bulls’ point of view, such situation may look quite gloomy, but is it really anything to worry about?

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One can say what they want about September, but they have to admit that it had a very interesting beginning. Silver just declined to new lows, USD rallied strongly, and crude oil is soaring above August highs. The short-term outlook was already bullish previously, but given such positive confirmation, we can expect even more strength in the upcoming days. How high can the price of the black gold go?

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On Wednesday, black gold gained 1.43% after the EIA weekly report showed that crude oil inventories declined by 2.6 million barrels in the week to Aug 24, beating analysts’ forecasts. Thanks to this fundamental support, the commodity broke above the recent consolidation and approached the August peak hit at the beginning of the month. Will we see higher prices of light crude in the following days?

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