Crude oil attempts to move back above $50 today – will it succeed?

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On Tuesday, crude oil lost 1.11% as another bunch of the Iraqi comments and higher value of the USD Index made crude oil less attractive for investors. In this environment, light crude declined under the barrier of $50 and closed the day below it, invalidating earlier breakout. Will this event encourage oil bears to act?

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On Monday, crude oil lost 0.65% as the Iraqi comments (the country wanted to be released from an OPEC freeze) and a stronger greenback weighed on investors’ sentiment. As a result, light crude slipped under the barrier of $50, but then rebounded and invalidated earlier breakdown. What does it mean for the commodity?

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On Friday, crude oil gained 0.43% after Russia renewed its commitment to joining a producers' output freeze. Thanks to this news, light crude bounced off session’s lows and closed the week slightly below $51. But did this move change anything in the overall picture of the commodity?

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On Thursday, crude oil lost 2.30% as a stronger U.S. dollar made the commodity less attractive for buyers holding other currencies. In this environment, light crude slipped under the Jun high, invalidating earlier breakout. What does it mean for black gold?

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