On Wednesday, crude oil extended gains as a combination of a bullish EIA weekly report (which showed that crude oil inventories dropped by 5.2 million barrels last week, beating expectations) and Saudi Arabia oil minister’s commentary weighed on investors’ sentiment. As a result, light crude gained 2.37% and hit a fresh 2016 high, but will we see further rally in the coming days?

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On Tuesday, crude oil gained 1.36% on news that Saudi Arabia's crude oil exports dropped to 7.305 million barrels per day in Aug. Thanks to these circumstances, light crude came back above the barrier of $50, but does it change anything in the overall picture of the commodity?

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On Monday, crude oil lost 1.60% as the Baker Hughes report (which showed that the number of rigs in the U.S. increased once again, marking the 15th increase in 16 weeks) continued to weigh on investors’ sentiment. As a result, light crude declined and closed the day below the barrier of $50. Is it enough to trigger further deterioration?

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On Friday, crude oil gained 0.61% and climbed temporary above $51 as declines in distillates and gasoline inventories encouraged some oil bulls to act. But did this increase change anything in the technical picture of the commodity?

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Although crude oil invalidated yesterday’s breakdown under the barrier of $50, the key resistance zone continues to keep gains in check. What’s next?

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