On Tuesday, crude oil moved higher after the market’s open supported by hopes for a decline in U.S. stockpiles. Thanks to these circumstances, light crude bounced off the key support zone once again, but did this increase change anything in the short-term picture of the commodity?

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On Monday, crude oil lost 1.47% as mixed Chinese data weighed on investors ‘sentiment. As a result, light crude slipped to the key support area once again. Will we see another short-lived rebound?

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Crude oil moved lower once again on Friday, but the move was not very significant. To a large extent, the price of crude oil remains in a declining consolidation, which makes one – at the first sight – think that the situation is unclear. From the long-term point of view, however, the situation is much clearer and it seems that there is a significant profit potential on the current trade.

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Although the Energy Information Administration showed in its weekly report another build in U.S. crude inventories, disappointing U.S. import-export data weakened the greenback, making crude oil cheaper. Thanks to these circumstances, light crude oil rebounded sharply and gained 3.67%, climbing to an intraday high of $46.04. But did this one-day rally change anything in a broader perspective?

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On Wednesday, crude oil lost 3.54% as a stronger greenback and worries over another build in domestic oil inventories continued to weigh on the price. In this environment, light crude slipped under $45 and reached its key support zone. Will it manage to encourage oil bulls to act in the coming days?

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