On Tuesday, crude oil continued its rally and gained 2.79% as the combination of the EIA forecast, tensions in Yemen and a weaker greenback pushed the price higher. Thanks to these circumstances, light crude broke above important resistance lines, opening the way to the Feb highs. Will the commodity climb above them in the coming days?

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On Monday, crude oil extended gains as Friday’s Baker Hughes report continued to weigh. The current situation in Yemen and speculations over China’s stimulus supported the commodity as well. Despite these factors, light crude gave up gains and declined, which resulted in a drop below its major resistance line. Will we finally see a comeback above it?

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On Friday, crude oil gained 2.05% as Baker Hughes report supported the price. In this way, light crude reversed and climbed to the previously-broken support/resistance line. Will we see a breakout in the coming days?

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Although crude oil moved higher after the market’s open, supported by the Iran oil minister’ commentary, the commodity reversed as a stronger greenback weighed on the price. As a result, light crude lost 0.45% and verified the breakdown under the resistance line. Does it mean that lower values of the commodity are still ahead us?

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On Wednesday, crude oil lost 4.26% as EIA weekly report showed the largest weekly build in domestic oil inventories since 2001. In response to this news, light crude reversed and invalidated earlier breakouts above resistance lines. What does it mean for the commodity?

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