On Friday, crude oil moved higher a bit as Thursday’s EIA weekly report on crude oil inventories continued to support the price. Despite this action, the black gold is still trading under the December and January highs. What can we expect in the coming week?

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On Thursday, crude oil increased by 0.94% after the Energy Information Administration report showed a larger-than-expected decline in oil inventories. As a result, the back gold re-approached the December high. Will we see fresh highs in the coming week?

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On Wednesday, crude oil rebounded and gained 1.78% on expectations that the U.S. crude inventories reports would show a drop in oil supplies. In this environment, light crude bounced off the first support zone and came back above $53. Where will the black gold head next?

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On Tuesday, crude oil lost 2.59% after the Genscape data showed a large build in crude inventories at the Cushing hub in Oklahoma. Thanks to this news, light crude invalidated the earlier breakout above the 2016 peak and slipped to the first support zone. Will it manage to stop further declines?

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On Friday, crude oil moved lower a bit, but closed the previous year above $53. What is the current picture for crude oil?

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