On Tuesday, crude oil extended gains and hit a fresh 2016 high as combination of expectations that domestic stockpiles drops once again and prolonged conflict in Nigeria continued to weigh on investors’ sentiment. In this environment, light crude invalidated breakdown under the previously-broken support/resistance line and closed the day above $50. How high could the commodity go in near future?

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On Monday, crude oil gained 1.66% as supply disruptions in Nigeria eased some concerns over the supply glut on the energy market and supported the price of the commodity. Thanks to these circumstances, light crude rebounded and climbed to the previously-broken support/resistance line. Will it be strong enough to stop oil bulls?

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On Friday, crude oil lost 0.33% after Baker Hughes’ report. As a result, light crude closed the day under important support line. Is it enough to trigger further declines?

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Although crude oil moved lower after the market’s open weakened by a stronger U.S. dollar, the commodity reversed in the following hours and rebounded re-approaching the barrier of $50. Where will the black gold head next in the coming week?

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On Thursday, crude oil moved higher after the market’s open as a combination of further supply disruptions in Nigeria and growing Asian demand for Saudi Arabian oil affected positively investors’ sentiment. As a result, black gold climbed above the barrier of $50, but then reversed and pulled back. Will we see further deterioration in the coming days?

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