On Wednesday, the commodity moved higher after the EIA report showed a smaller-than-expected increase in crude oil inventories. Another decline in domestic production supported the price of light crude as well. Thanks to these circumstances, the commodity climbed above the mid-Apr peak, hitting a fresh 2016 high. Will we see further improvement in the coming days?

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On Tuesday, crude oil extended gains after Iran deputy oil minister commentary. Rokneddin Javadi told that Iranian production could return to pre-sanction levels in two months, which raised hopes that Iran might want to renew talks on freezing output when OPEC meets next in June. As a result, light crude climbed to an intraday high of $42.88, but did this increase change anything in the technical picture of the commodity?

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Although crude oil opened yesterday’s session well below Friday’s closure, the commodity reversed and rebounded sharply on news from Kuwait. Thanks to this move, light crude invalidated earlier breakdown under the level of $40 and closed the day above the 200-day moving average. What’s next?

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Although Baker Hughes’ report showed another drop in the U.S. oil rig, uncertainty around weekend’s meeting between major oil producers in Doha weighed on investors’ sentiment and pushed the price of crude oil lower. Thanks to these circumstances, light crude closed Friday’s session under the Feb high and the upper border of the medium-term consolidation. What does it mean for the commodity?

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On Thursday, crude oil moved slightly lower as uncertainty around weekend’s meeting between major oil producers in Doha weighed on investors’ sentiment. What’s next for the commodity? Before we know the outcome of this highly anticipated event, let’s take a closer look at the technical picture of crude oil. What can we infer from it about future moves?

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