Athough the U.S. Energy Information Administration reported that crude stockpiles increased once again, the commodity rebounded from the session lows and re-tested the strength of the nearest resistance line. Will it withstand the buying ressure in the coming days?

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On Tuesday, crude oil lost 2.19% as a stronger greenback and worries that weekly reports would show another build in crude oil inventories weighed on investors’ sentiment. In these circumstances, light crude gave up some of Monday’s gains and closed the day slightly above $41. Where will the commodity head next?

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Although crude oil moved lower after the market’s open, the commodity rebounded in the following hours as investors reacted to attacks against ISIS in Syria. As a result, light crude bounced off the barrier of $40 and increased above $42, but did this move change anything in the short-term picture of the commodity?

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On Friday, crude oil lost 2.09% as the first build in domestic oil rigs in nearly three months in combination with bearish reports from the International Energy Agency weighed on the price of the commodity. In these circumstances, light crude dropped to the lowest level since Aug. 28 and approached the barrier of $40. Will we see a test of 2015 lows in the coming week?

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On Thursday, crude oil lost 3.41% as a bigger-than-expected build in light crude inventories weighed on the price and pushed the commodity to its lowest level since late-August. As a result, crude oil dropped under $42 and hit a fresh multi-month low of $41.54. Where will the commodity head next?

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