On Wednesday, crude oil lost 3.78% after the EIA weekly report showed an unexpected build in U.S. gasoline inventories. Thanks to this drop light crude invalidated the earlier breakouts above the resistance lines and approached the level of $50. Will we see lower prices in the coming days?

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On Tuesday, crude oil gained 0.38% as a weaker U.S. dollar made the commodity more attractive for buyers holding other currencies. As a result, light crude came back above the resistance line, but can we trust this move?

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On Monday, the black gold lost 1% after the U.S. Energy Information Administration's drilling productivity report indicated that May output could rise by 123,000 barrels per day to 5.19 million bpd. Thanks to this news, light crude slipped under the previously-broken resistance line, invalidating the earlier breakout. What does it mean for the commodity?

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On Friday, crude oil moved a bit higher and closed the previous week above $53, but did this increase change the short-term picture of the commodity?

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Although yesterday’s EIA report showed that crude oil inventories fell by 2.166 million barrels and distillate stockpiles dropped by 2.153 million barrels in the week ending April 5, crude oil reversed and declined. Will we see further deterioration in the coming days?

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