On Friday, black gold increased above $57, but did this move change anything in the short-term perspective? Is it possible that the commodity will extend gains in the coming days?

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On Thursday, crude oil moved little higher and erased some of Wednesday decline, but did it change anything in the short-term picture of black gold?

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Although the EIA report showed that crude oil inventories fell more-than-expected in the previous week, the data also revealed a much bigger-than-estimated increase in gasoline and distillates supplies. In this environment, light crude lost 2.88% on Wednesday and moved away from the upper line of the rising trend channel. Will we see further deterioration in the coming days?

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On Tuesday, crude oil wavered between small gains and losses, but finally closed another day under the upper border of the short-term rising trend channel. Will this show of oil bulls’ weakness trigger further deterioration in the coming days? Will the relationship between black gold and oil stocks give us more clues about future moves?

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On Monday, black gold moved lower after the market’s open as oil investors reacted to Friday’s Baker Hughes report. As a result, light crude came back to the trend channel, invalidating the earlier breakout above the upper border of the formation. What are the implications of this decline?

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