On Friday, crude oil lost 0.31% as a stronger greenback and disappointing Baker Hughes’ report weighed on the price. As a result, light crude closed the day slightly below the previously-broken 38.2% Fibonacci retracement. Verification of the breakdown or just a pause before further improvement?

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On Thursday, crude oil extended gains and climbed to $42 as the Wednesday’s EIA weekly report indicated that the supply glut in gasoline inventories could shrink in the coming weeks. Because of these circumstances, light crude gained 2.69% and climbed above the 200-day moving average. What does it mean for the commodity?

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On Wednesday, crude oil gained 3.34% after the EIA weekly report showed a larger-than-expected decline in gasoline inventories. As a result, light crude reversed and came back above the barrier of $40, invalidating earlier breakdown. Will this positive signal encourage oil bulls to push the commodity higher?

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On Tuesday, crude oil dropped once again as a weakening U.S. dollar and concerns that the American Petroleum Institute's weekly crude inventory report would show another increase weighed on investors’ sentiment. Thanks to these circumstances, light crude broke below $40 and closed the day below it, but is it enough to trigger further declines?

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On Monday, crude oil moved lower as concerns over the supply glut weighed on the price. As a result, light crude slipped temporary under the barrier of $40, but will we see further deterioration?

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