On Friday, black gold increased slightly and closed the previous week above $57. But did the size of volume confirm oil bulls’ strength?

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On Thursday, crude oil moved a bit higher as oil investors turned their attention to the North Sea supply disruption. Although the price of black gold increased, the technical picture of the commodity doesn’t bode well for oil bulls. Why? We invite you to check our Oil Trading Alert. Have a nice read.

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On Wednesday, the government data showed that U.S. crude oil inventories fell by 5.1 million barrels, easily beating analysts’ forecasts. Although it was the fourth consecutive week of decline, the price of black gold moved lower and the commodity lost almost 1%. What encouraged oil bears to act?

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Although oil bulls pushed crude oil a bit higher after yesterday market open, the combination of resistance lines stopped them and triggered a pullback. Will oil bears extend losses in the following days?

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On Monday, a news about the shutdown of a North Sea pipeline for repairs encouraged oil bulls to act, which resulted in a one more upswing. What impact did it have on the technical picture of the commodity?

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