Although the Energy Information Administration showed yesterday that crude oil inventories dropped-more-than-expected, another increase in gasoline supplies caused wavering between small gains and losses. What’s next?

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On Tuesday, black gold moved a bit higher, but is this increase as positive as it might seems at the first sight?

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On Monday, the price of crude oil moved higher after the market’s open supported by worries over the situation in Iraq and rising U.S.-Iran tensions. Despite yesterday’s increase, the commodity pulled back after the EIA report. In this environment, light crude invalidated a small breakout and closed the day below $52. What does it mean for black gold?

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On Friday, crude oil gained 1.68% as the combination of bullish Chinese imports data and increasing tensions in the Middle East pushed the price of the commodity higher. As a result, light crude closed the day above $51, but finished the whole week under the major resistances. Will they manage to stop oil bulls in the coming week?

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Although the EIA showed that crude oil stocks dropped for the third-straight week, the report also showed that gasoline inventories and supplies at Cushing, Oklahoma, increased, making the overall situation a bit unclear. However, the commodity extended losses after the International Agency Energy affected negatively investors’ sentiment. Thanks to these circumstances, light crude lost 1.36% and closed another day under the resistance zone. Will it withstand the buying pressure in the coming week?

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