On Wednesday, crude oil moved lower once again after report, which showed that OPEC’s oil production climbed to 33.39 million barrels per day in the previous month. Additionally, the organization increased its forecast for 2017 non-OPEC supply growth. In these circumstances, light crude tested the barrier of $50. Will it manage to hold oil bears in the coming days?

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On Tuesday, crude oil gave up some gains after news that Rosneft (the leader of Russia's petroleum industry) will not cap oil production as part of a possible agreement with OPEC. Additionally, the U.S. dollar climbed to its highest level since March, making crude oil less attractive for buyers holding other currencies. In these circumstances, light crude lost 1.09% and slipped to late Jun highs. Will we see an invalidation of a breakout above these levels and further deterioration in the coming days?

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On Monday, crude oil increased after Russian President Vladimir Putin said that his country was ready to join OPEC's proposal to cut oil production. Thanks to these circumstances, light crude invalidated earlier breakdown under the barrier of $50, which resulted in an increase to the Jun high. Will we see a double top or further rally in the coming days?

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On Thursday, crude oil moved higher, reaching the barrier of $50 and the key resistance zone. Will it manage to stop oil bulls in the coming days?

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