On Monday, crude oil moved sharply higher after the IEA report. As a result, the commodity climbed above $33 and reached the key resistance zone. What does it mean for light crude?

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Crude oil rallied quite substantially in the first part of the previous week but it declined and gave away about half of the rally before the week was over. Was this decline just a pullback and should we expect further rallies or – conversely – is the rally over and another big slide is to be expected?

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Although crude oil moved higher after the market’s open, unexpected increase in crude oil inventories affected negatively investors’ sentiment and pushed the commodity lower. In this way, light crude verified earlier breakdown once again. Does it mean that the recent rally may be over?

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On Wednesday, crude oil moved sharply higher after oil minister said that Iran would support any effort aimed at stabilizing oil prices. As a result, light crude came back above the barrier of $30 and invalidated earlier breakdown. How high could the commodity go in the coming days?

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Although crude oil moved sharply higher after the market’s open, the commodity reversed and erased earlier gains in the following hours. As a result, light crude closed the day under the barrier of $30 and important resistance line. What’s next?

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