Although crude oil extended rally and hit a fresh 2015 high, the commodity reversed and declined, invalidating earlier breakout above key resistance line. Will this negative sign encourage oil bears to act in the coming days?

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On Tuesday, crude oil gained 2.80% as situation in Libya and a weaker greenback supported the price. As a result, light crude hit a fresh 2015 high and reached the long-term resistance. Will it stop oil bulls in the coming days?

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On Monday, crude oil lost 0.40% as weak Chinese data, a stronger greenback and ongoing worries over Libyan and Iraqi export levels weighed on the price of the commodity. In this environment, light crude closed another day below the recent high, but is is enough to trigger further deterioration?

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Although crude oil hit a fresh 2015 high on Friday, an increase in Iraq’s export levels and a stronger greenback weighed on investors’ sentiment and pushed the commodity lower. As a result, light crude lost 0.85% and closed the day under the previous high. Where will crude oil head next in the coming week?

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On Wednesday, crude oil gained 2.72% as smaller-than-expected build in crude oil inventories in combination with a weaker greenback and ongoing tensions in the Middle East supported the price. Thanks to these circumstances, light crude reversed and hit a fresh 205 high. Will we see higher values of the commodity in the coming days?

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