On Monday, crude oil lost 1.02% as Friday’s Baker Hughes’ report continued to weigh on the price and investors’ sentiment. In this environment light crude closed another day under the short-term resistance. Will this event trigger further deterioration in the following days?

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On Friday, crude oil lost 1.13% after the Baker Hughes’ report showed that U.S. drillers added 13 rigs in the previous week. Thanks to this news light crude reversed and declined, invalidating the earlier breakout above the resistance line. What does it mean for the black gold?

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Although the EIA weekly report showed another increase in crude oil and fuel inventories, market players shrugged off these bearish numbers and focused on a weakening dollar, which usually supports the price of light crude. As a result, the black gold gained 1.95% and hit an intraday high of $54.06, but did this increase change anything in the short-term picture of the commodity?

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On Wednesday, crude oil lost 0.81% after the U.S. Energy Information Administration showed in its weekly report another increase in crude oil and fuel inventories. Thanks to these circumstances, light crude erased Tuesday’s gains and came back to Monday’s levels. Will we see further deterioration in the coming days?

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On Tuesday, crude oil moved a bit higher and reached a resistance line based on the previous highs. Will it withstand the selling pressure in the coming days?

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