On Tuesday, crude oil gained 0.58% as ongoing tensions in Yemen and a weaker greenback supported the price. Despite this increase, light crude verified earlier breakdown under its support line. What does it mean for the commodity?

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On Monday crude oil lost 1.34% as ongoing concerns over global supply overshadowed support from the conflict in Yemen and a weaker greenback. In this environment, light crude slipped below its support line once again. Does it mean that we will see lower values of the commodity in the coming days?

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Although crude oil moved lower after the market’s open, the combination of a weaker greenback and the Baker Hughes report supported the price, triggering a rebound. In these circumstances, light crude closed the day on its key support/resistance line. Where the commodity head next?

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On Thursday, crude oil gained 2.24% as the combination of a weaker greenback and concerns over violence in the Middle East supported the price. As a result, light crude reversed and invalidated earlier breakdown under the support/resistance line. Is it enough to push the commodity to fresh 2015 highs?

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On Wednesday, the commodity declined as domestic crude oil stockpiles increased to a record. In this environment, light crude closed another session under the support/resistance line. Will we see further deterioration in the coming days?

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