On Monday, the black gold lost 1.73% as bearish Friday’s Baker Hughes’ report (which showed that U.S. drillers added fresh rigs once again) weighed on investors’ sentiment. In this environment, light crude reversed and declined once again, reaching the 50-day moving average. Will it stop currency bears in the coming days?

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On Friday, crude oil moved higher once again after the International Energy Agency said that global supply and demand is falling into balance. Thanks to this news, light crude climbed to $54 and reached the resistance. Will it stop oil bulls once again?

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On Thursday, crude oil extended gains as Wednesday’s unexpected draw in U.S. gasoline supplies continued to support the price of the black gold. As a result, light crude came back above the previously-broken support/resistance line, invalidating the earlier breakdown. Will we see a repeat of what we saw in the previous weeks?

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Although the U.S. Energy Information Administration showed a larger-than-expected increase in crude oil inventories, these bearish numbers were overshadowed by an unexpected draw in U.S. gasoline supplies. In this environment, light crude rebounded sharply and invalidated the earlier breakdowns, but is this event as bullish event as it looks at the first sight?

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On Tuesday, the black gold lost 1.58% ahead of weekly data from the U.S. on crude oil inventories and refined products. As a result, light crude dropped below the previously-broken resistance line, invalidating the earlier breakout. What does it mean for crude oil? Will we see a test of the barrier of $50 in the coming days?

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