On Wednesday, crude oil moved higher after the EIA weekly report showed a drop in gasoline stocks and a bigger-than-expected decline in distillates inventories. In this environment light crude climbed to the major resistance line once again, but then reversed and declined. Where will black gold head in the coming days?

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Although crude oil moved a bit higher after yesterday market open, the previously-broken lower border of the trend channel stopped oil bulls, triggering a pullback. As a result, light crude lost 0.89% and invalidated the earlier breakout above the barrier of $50 and two other resistances. Will oil bears show their strength in the coming days?

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On Monday, light crude moved a bit higher as investors reacted to the Friday Baker Hughes report. As a result, light crude re-tested the lower line of trend channel. Will it withstand the buying pressure in the coming days?

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On Friday, crude oil wavered between small gains and losses, but then finished the day on Thursday closing price. Is this the first sign of oil bulls’ weakness?

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On Thursday, light crude increased as news of a decline in global crude oil production continued to support the price of black gold. In this environment, the commodity tested the barrier of $50, but will we see further improvement?

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