Although light crude moved higher after the market’s open, the commodity reversed and declined after the EIA report showed that crude oil inventories rose by 2.3 million barrels last week. Although yesterday’s increase was smaller than analysts’ forecast, it was a seventh straight week of record highs, which affected negatively investors’ sentiment and pushed light crude to important medium-term support. Will it withstand the selling pressure in the coming days?

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On Tuesday, crude oil lost 2.06% ahead of the American Petroleum Institute's weekly inventory report. Thanks to this drop, light crude closed another day under $39, but reached important support zone. Will it encourage oil bulls to act in the coming days?

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On Monday, light crude lost 1.30% as worries over another increase in crude oil inventories to record highs affected negatively investors’ sentiment. As a result, the commodity closed the day under $39 and approached important support lines. What’s next?

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On Wednesday, light crude lost 1.30% after the EIA weekly report showed a bigger-than-expected increase in crude oil inventories. As a result, the commodity declined below $40 and closed the day under this psychologically important barrier. Will we see further deterioration in the coming week?

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