On Friday, crude oil moved sharply lower and tested the first support. Will it withstand the selling pressure and encourage oil bulls to act?

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Although crude oil increased after the market’s open, oil bulls didn’t manage to hold gained levels, which resulted in a pullback and invalidation of the earlier breakout. Will this negative event encourage oil bears to act?

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On Wednesday, the black gold extended gains and hit a fresh July high after the EIA weekly report showed a bigger-than-expected decline in crude oil inventories. Additionally, the gasoline and distillate stockpiles fell more-than-expected, encouraging oil bulls to act. Thanks to these positive numbers light crude broke above the nearest resistances and hit a fresh July high. Will we see further rally?

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On Tuesday, crude oil moved higher supported by news that Libya will take part in the meeting of OPEC and non-OPEC producers in Russia later this month. As a result, light crude gained 1.24% and re-tested the strength of the nearest resistances. Will they stop oil bulls in the coming days?

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Although crude oil moved higher earlier today, the key resistance levels continue to hold. What’s next for the commodity?

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