On Tuesday, crude oil declined sharply as speculations about weekly supply data weighed on the price. As a result, light crude lost 2.80% and invalidated one of earlier breakouts. What does it mean for the commodity?

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Although crude oil declined after the market’s open weakened by Saudi oil minister commentary, the commodity rebounded as the Genscape report supported the price. Thanks to these circumstances, light crude gained 3.32% and hit a fresh 2015 high. Will we see further improvement?

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On Friday, crude oil lost 0.81% as profit taking and the Baker Hughes report weighed on the price. Thanks to these circumstances, light crude reversed and declined to the short-term support line. Will oil bears manage to break below it in the coming day(s)?

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On Thursday, crude oil gained 1.04% as OPEC forecasts and a weaker greenback supported the price. As a result, light crude hit a fresh 2015 high and approached the resistance levels. Will the commodity test them in the coming week?

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For many weeks we have been writing about the consolidation in crude oil and it seems that we finally saw its end. Crude oil broke above the resistance in a decisive way yesterday. Will black gold soar?

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