Although the EIA report showed a bigger-than-expected increase in crude oil inventories, U.S. production declined to the lowest level since Sept., 2014, which helped the commodity rebound from session’s lows. Thanks to these circumstances, light crude gained 0.39% and approached resistance zone. What’s next for the commodity?

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On Tuesday, the U.S. dollar bounced off a multi-month low, making crude oil more expensive for buyers holding other currencies. In this environment, light crude lost 2.25% and closed the day under $44. What’s next?

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On Monday, crude oil lost 2.39% as worries over the latest production increases from OPEC pushed the price lower. As a result, the commodity dropped under the previously-broken resistance levels, invalidating earlier breakouts. What does it mean for light crude?

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Although crude oil hit another fresh high supported by reduction in U.S. production and weakening U.S. dollar, the commodity reversed and gave up some gains after news that OPEC's oil output approached the highest level in recent history in Apr. As a result, light crude came back under the long-term declining resistance line. Will it encourage oil bears to act in the coming week?

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On Thursday, crude oil extended gains as reduction in U.S. production and weakening U.S. dollar continued to support the price of the commodity. In this environment, light crude climbed slightly above $46. Where are oil bears?

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