Although stronger U.S. currency pushed the commodity to an intraday low of $60.21, light crude rebounded after the IEA improved its forecasts for global demand in 2015. As a result, crude oil lost 0.52% and closed another day under the resistance zone. Time for further declines?

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On Wednesday, crude oil gained 0.81% as the combination of a bullish EIA report and a weaker U.S. dollar supported the price. Because of these circumstances, light crude climbed to its major resistance zone once again, but will it trigger another pullback in the coming days?

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On Tuesday, crude oil gained 4.02% as a weaker greenback and hopes that the API report will show another drop in domestic crude oil inventories supported the price. As a result, light crude climbed above $60 and broke above the short-term resistance line. How high could the commodity go in the coming days?

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On Monday, crude oil lost 1.05% as Friday’s OPEC's decision to keep its production above 30 million barrels per day continued to weigh. Additionally, disappointing from China pushed the price lower as well. Thanks to these circumstances, light crude reversed and came back to its support line. Will we see another rebound?

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Although crude oil moved lower after the market’s open, the commodity reversed and rebounded, invalidating earlier breakdown. Will we see further improvement?

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