On Wednesday, crude oil gained 3.20% after better-than-expected EIA data. Thanks, to these circumstances, light crude extended gains, invalidating earlier breakdowns. Is it enough to push the commodity higher in the coming days?

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On Tuesday, crude oil moved lower after the market’s open weakened by an unexpected decline in monthly U.S. gasoline demand. Despite this drop, the commodity reversed and rebounded in the following hours. As a result, light crude gained 3.10% and invalidated earlier breakdown. What does it mean for oil bulls?

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On Monday, crude oil moved lower once again as the combination of uncertainty around a production freeze deal and another increase in Russian oil production affected negatively investors’ sentiment. Thanks to these circumstances, light crude slipped under the Fibonacci retracement and closed the day below $36. Will oil bears manage to push the commodity lower in the coming days?

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On Friday, crude oil extended losses after news that Saudi Arabia will freeze production only if Iran does the same. In this environment, light crude moved sharply lower and closed the day under $37. What’s next?

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On Thursday, crude oil wavered between small gains and losses as a weaker greenback and worries over supply glut continued to weigh on investors’ sentiment. As a result, the commodity slipped to the medium-term support. Where will light crude head next?

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