On Thursday, crude oil climbed above $47 supported by rising optimism over an OPEC deal to limit production. However, a rallying greenback capped gains, which triggered a small pullback. As a result, light crude gained 0.90% and closed the day above the last week’s high. Will this verification of earlier breakout encourage oil bulls to push the commodity higher in the coming days?

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On Wednesday, crude oil moved little lower after the EIA showed another increase in crude oil inventories. Thanks to this news light crude slipped under last week’s high and closed the day below it. But will this invalidation change anything?

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On Tuesday, crude oil moved sharply higher as renewed hopes that OPEC will cut production and news from Nigeria (where an attack on a major oil pipeline took place) supported the price of the commodity. Thanks to yesterday’s rebound light crude gained 5.75% and climbed to the last week’s high. Will we see further improvement?

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Although crude oil moved lower after the markets open, oil bulls stopped further deterioration and triggered a rebound in the following hours. As a result, light crude erased most of earlier losses and closed the day above Friday’s low. What can we expect in the coming days?

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Crude oil moved below $43 earlier today - the level which stopped the declines in September. Have we just seen a breakdown or will we see a daily reversal shortly that is followed by higher prices?

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