On Thursday, crude oil lost 2.73% as a stronger greenback and ongoing speculations over OPEC meeting pushed the commodity lower. In this environment, light crude slipped to the support line, but will it withstand the selling pressure in the coming days?

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Although crude oil moved little higher after the markets open, the commodity reversed and declined sharply as traders closed their speculative positions after positive EIA weekly report. As a result, light crude lost 2.34% and invalidated earlier breakout above the resistance line. What does it mean for the commodity?

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On Tuesday, crude oil gained 1.33% as the combination of a weaker greenback and speculations that OPEC will maintain production at its current level on Friday's meeting in Vienna supported the price. Thanks to these circumstances, light crude broke above one of the resistance lines, but is this as positive event as it seems at the first sight?

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Although crude oil moved lower after the market’s open weakened by a stronger greenback, the commodity reversed and erased earlier losses in the following hours. Did this price action change the short-term picture?

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On Friday, crude oil gained 3.83% as the combination of the weaker greenback and the Baker Hughes report supported the price. As a result, light crude climbed above $60 and reached the resistance line. Will it withstand the buying pressure in the coming days?

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