Although crude oil moved lower after the Wednesday’s market’s open, the commodity reversed and rebounded in the following hours on hopes that weekly supply reports will show another decline in U.S. crude inventories. As a result, light crude gained 2.20% and came back to the previously-broken 50-day moving average. What’s next?

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On Tuesday, crude oil declined sharply after the Genscape, Inc. report, which showed an unexpected build of 230,026 barrels at Cushing Oil Hub in Oklahoma. Thanks to this bearish news, light crude lost 4.91% and closed the day under the 50-day moving average. Is it enough to trigger further deterioration in the coming days?

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On Friday, crude oil moved higher and climbed to the previously-broken short-term support/resistance line once again, but did this increase change anything in the overall picture of the commodity?

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On Thursday, crude oil reversed once again and declined under the previously-broken short-term line, invalidating earlier breakdown. Will this negative signal encourage oil bears to push the commodity lower in the coming days?

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On Wednesday, crude oil extended gains after the EIA weekly report showed a bigger-than-expected drop in U.S. crude oil inventories. As a result, light crude gained 2.97% and climbed to the barrier of $50. Will it stop oil bulls once again?

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