On Thursday, crude oil gained 1.24% as a weaker greenback supported the price. With this upswing light crude climbed to major resistance zone once again, but then reversed. Will we see another pullback from here?

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Although light crude moved sharply higher after EIA showed that crude oil inventories declined once again in the previous week, the commodity reversed and declined as gasoline and distillate stockpiles increased. As a result, light crude lost 0.47% and closed the day under $60. What’s next?

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On Tuesday, crude oil gained 0.72% ahead of API supply data. Additionally, concerns related to Tropical Storm Bill supported the price of the commodity, which resulted in a daily close above $60. Will we see another test of the major resistance zone later in the day?

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On Monday, crude oil lost 0.53% as worries over the situation in Yemen eased after the general secretary of the United Nations opened peace talks in Switzerland. In this environment, light crude re-tested the strength of the short-term support, but will it hold in the coming days?

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On Friday, crude oil lost 1.01% as a stronger greenback and the Baker Hughes report weighed on investors’ sentiment. In this way, light crude closed the day under $60 for the first time since Monday and reached the short-term support line. Will it withstand the selling pressure in the coming days?

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