Although crude oil moved sharply lower after the EIA report, the commodity reversed and rebounded in the following hours, supported by weakening U.S. dollar. As a result, light crude hit a fresh 2016 high and tested important resistance zone. Will it encourage oil bears to act in the coming days?

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On Tuesday, crude oil reversed and moved higher once again on hopes that demand could grow ahead of the summer driving season. Additionally, another drop in the USD Index supported the price as well. In this environment, light crude hit a fresh 2016 high, but will it climb any further?

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On Monday, crude oil lost 1.74% after news that the Shaybah Oil field in the Al-Khali desert will increase production by 250,000 barrels per day to 1 million in May. Thanks to these circumstances, light crude extended losses and slipped to the mid-March high. Will oil bears push the commodity lower in the coming days?

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Although crude oil increased after the market’s open, approaching Thursday’s high, the commodity gave up some gains in the following hours weakened by the strengthening U.S. dollar. Thanks to these circumstances, light crude closed another day under the resistance line. Will it be strong enough to stop oil bulls in the coming days?

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Although crude oil moved higher after the market’s open supported by the IEA predictions, the commodity reversed and declined in the following hours due to strengthening U.S. dollar. As a result, light crude lost 1.23% and invalidated earlier small breakout above the previous high. What does it mean for the commodity?

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