On Friday, crude oil gained 2.03% as hopes for an extension of an output cut deal by major producers continued to weigh on investors’ sentiment. Additionally, the U.S. dollar moved sharply lower, making crude oil more attractive for buyers holding other currencies. In this environment, light crude broke above the barrier of $50 and closed the week above it. Will we see higher prices of the commodity in the coming week?

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Although crude oil moved lower after yesterday’s market’s open, oil bulls didn’t give up and pushed the black gold higher in the following hours. Thanks to their action, light crude gained 1.20% and approached the barrier of $50. Will we see a breakout above this important resistance in the coming days?

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On Wednesday, the black gold gained 0.84% after the EIA weekly report showed that crude oil inventories declined once again. As a result, light crude bounced off the long-term support line and came back to the resistance zone. Will it manage to stop oil bulls in the coming days?

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On Tuesday, crude oil lost 0.39% and approached the previously-broken long-term line. Will we see a verification of the earlier breakout or further declines in the coming days?

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On Monday, the black gold gained 2.11% after Saudi Arabia and Russia said that supply cuts need to last into 2018. In these circumstances, light crude climbed above the previously-broken long-term resistance line and closed the day above $48. Will we see a test of the barrier of $50 in the coming days?

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