On Friday, crude oil extended losses after the market’s open, but oil bulls stopped their opponents and trigged a rebound in the following hours. Will the drop in the oil rig count and OPEC and non-OPEC oil producers’ consensus trigger a rally to a fresh 2018 high in the coming week?

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Although the EIA weekly report showed that crude oil inventories dropped for a ninth straight week and distillate stockpiles fell more than expected, U.S. production outweighed positive news. But did yesterday price action change anything in the technical picture of black gold?

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On Wednesday, the price of light crude wavered between small gains and losses, which preliminarily paints the image of the current oil bulls’ condition. Will these assumptions be confirmed in the coming days?

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On Tuesday, crude oil hit a fresh 2018 high of $64.89, but then reversed and declined very quickly, erasing most of Friday increase. What encouraged oil bears to act and how did this decline affect the short-term picture?

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Although oil bears pushed crude oil lower after the Friday market open, their opponents took control and triggered a rebound in the following hours, which resulted in the highest weekly closure since the beginning of December 2014. What does it mean for black gold in the coming week?

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