On Monday, crude oil lost 1.52% after oil investors reacted to Friday’s Baker Hughes’ report, which showed that U.S. drillers added 17 rigs, which was the 13th increase in the past 14 weeks. Thanks to this news light crude reversed and declined to the previously-broken short-term support/resistance line. Will it manage to stop oil bears in the coming days? Is it possible that the relationship between gold and crude oil give us more clues about oil’s future moves?

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On Friday, crude oil moved a bit higher, but the key resistance area continues to keep gains in check. Will we finally see a breakthrough in the coming week?

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Although crude oil moved higher after the market’s open and climbed above $54, the key resistance area stopped oil bulls once again, triggering a pullback. As a result, light crude lost 0.63% and invalidated the earlier breakout above last week’s highs. Will we see lower values of the black gold in the coming days?

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Although the Energy Information Administration reported another increase in crude oil and fuel inventories, oil investors shrugged off these bearish numbers and focused on growing signs of coordinated OPEC and non-OPEC producers’ cuts in oil output. In this environment light crude broke above its first resistance line, but can we trust this move?

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Although oil bulls pushed crude oil above $53 yesterday, the solid resistance line stopped them once again, triggering another invalidation of the breakout. Additionally, the oil-to-gold and oil-to-silver ratios dropped under their supports. Is it enough to push crude oil to the barrier of $50 in the coming days?

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