On Wednesday, crude oil moved higher once again and approached this week’s high, but did this increase change anything in the very short-term picture of the commodity?

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Although crude oil moved sharply higher on Monday’s news (Saudi Arabia and Russia agreed to cooperate to stabilize the price of the commodity), the black gold gave up some of earlier gains later in the day. As a result, light crude tested the strength of resistance lines. What’s next?

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On Friday, crude oil gained almost 3%, which resulted in a climb to important short-term resistance line. Will it manage to stop oil bulls in the coming week?

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On Thursday, crude oil lost 3.45% as disappointing EIA weekly report continued to weigh on investors’ sentiment. In this environment, light crude broke below Fibonacci retracement and slipped to the support zone. Will it manage to stop oil bears in the coming days?

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Crude oil has been declining slowly in the previous days, but that was not the case during yesterday’s session and in today’s pre-market trading. What does it imply for the following days?

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