On Wednesday, crude oil extended gains and hit a fresh 2016 high as bigger-than-expected drop in crude oil inventories and another decline in domestic production supported the price of the commodity. In this environment, light crude gained 2.60% and closed the day above the May high. Will we see black gold above $50?

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On Tuesday, crude oil rebounded and gained 2.06% on hopes that weekly inventory reports would show shrinking supplies. In this way, light crude approached the May high and the short-term resistance line, but will they stop oil bulls in the coming days?

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On Monday, crude oil lost 0.76% as Iran's Deputy Oil Minister’s commentary weighed on investors’ sentiment and pushed the price of the commodity lower. As a result, light crude slipped under $48 and approached the medium-term support line. Will it withstand the selling pressure in the coming days?

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On Friday, light crude lost 0.59% as signals that supply disruptions in Nigeria, Canada and Libya are coming to an end weighed on investors’ sentiment. Thanks to these circumstances, light crude slipped to the previously-broken Nov highs. Will we see further deterioration in the coming week?

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Although crude oil moved lower after the market’s open weakened by a stronger U.S. dollar, the commodity reversed and rebounded in the following hours as perturbation in Nigeria and a crisis in Venezuela raised worries over tightening supplies and supported the price of the commodity. Will we see further improvement in the coming week?

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