On Wednesday, crude oil gave up some gains after EIA report showed a larger-than-expected build in U.S. crude oil inventories. Additionally, OPEC cut its forecasts for global oil demand growth in 2016, which affected negatively investors’ sentiment as well. What’s next?

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On Tuesday, crude oil extended recent gains and hit a fresh 2016 high after news that Russia and Saudi Arabia reached an agreement on a production freeze (both countries will cap their daily output at near-record levels). Is this rally sustainable?

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On Monday, light crude moved higher once again after Russian Energy Minister Alexander Novak said that Russian crude oil output would remain flat in 2017. Thanks to this news, the commodity came back above the barrier of $40, invalidating earlier breakdown. Will we see further rally in the coming days?

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On Friday, crude oil extended gains as renewed hopes for output freeze in combination with the closure of the Keystone pipeline and Baker Hughes report supported the price. In this environment, light crude climbed to the barrier of $40, invalidating earlier breakdown under medium-term support/resistance line. What’s next for the commodity?

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On Thursday, crude oil moved slightly lower as the combination of the Genscape, Inc. report and news from Iraqi state-run South Oil Company affected negatively investors’ sentiment. In this environment, light crude moved away from the upper border of the declining trend channel, but then reversed and increased above this resistance line. Will it encourage oil bulls to act in the coming days?

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