On Wednesday, crude oil moved higher after the market’s open supported by the bullish EIA data, but the commodity reversed as the IEA report weighed on investors’ sentiment. As a result, light crude lost 1.78% and slipped to $60. Will we see lower values of the commodity in the coming days?

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On Tuesday, crude oil gained 3.15% as a weaker greenback and the EIA short-term energy outlook supported the price. In this way, light crude closed the day above $61, approaching the recent high, but did this one-day rally change the short-term picture of the commodity?

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On Monday, crude oil lost 0.29% as the combination of a stronger greenback and OPEC expectations about crude oil prices weighed on investors’ sentiment. As a result, light crude closed another day under support/resistance lines. What does it mean for the commodity?

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On Friday, crude oil moved lower after the market’s open weakened by a stronger U.S. dollar. Despite this move, the commodity reversed and rebounded in the following hours, gaining 0.85% and closing the day above $59, but did this upswing change anything?

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On Thursday, crude oil lost 2.85% as a stronger U.S. dollar and worries over the return of Iranian oil into the market weighed on the price. Because of these circumstances, light crude reversed and declined sharply, invalidating earlier breakouts above important resistance levels. Does it mean that correction of the recent rally is just around the corner?

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