Crude oil started last week with a quite sizable (over 4%) rally and the move higher was accompanied by relatively high volume, however, the rest of the week was not as exciting. Crude oil moved back and forth and it seems that the situation is unclear. Still, there are a few clues that can help one detect what is likely to happen to crude oil price in the following weeks.

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Crude oil started this week with a quite sizable (over 4%) rally and the move higher was accompanied by relatively high volume - can we expect to see higher crude oil prices shortly?

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On Monday, crude oil extended losses as long-term worries over global oversupply continued to weigh on the price of the commodity. In this environment, light crude lost 1.26% and closed the third day in a row under the short-term support zone. What’s next?

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On Friday, crude oil moved lower once again as a combination of a stronger greenback and disappointing Baker Hughes’ report affected negatively investors’ sentiment. As a result, light crude closed another day under the short-term support zone. Is it enough to encourage oil bears to act in the coming week?

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On Thursday, crude oil declined sharply after smaller-than-expected drop in U.S. crude inventories. In this environment, light crude lost 5.64% and closed the day under previous lows and the short-term support zone. Will oil bears push the commodity lower in the coming days?

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