Yesterday was definitely the oddest day of this year and one of the oddest days in the last couple of months. Crude oil was likely to slide much further. It had all the reasons to do so. A breakdown below important lows, a lot of room to decline (all the way to the 2008 lows), the momentum was strong, and the crude oil supplies had increased. Yet, it rallied. What are the implications?

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Although ongoing worries over a glut in global supplies pushed crude oil to a fresh 2015 low, the commodity rebounded, finishing day above $46 per barrel. Is it another one-day rally or something more?

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On Monday, crude oil lost 5.19% as Goldman Sachs and Société Générale cut their price forecast for 2015. In this environment, light crude declined below the important support zone, hitting a fresh 2015 low. Time for a test of $40?

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On Friday, crude oil lost 1.45% as worries over a glut in global supplies continued to weigh on the price. In these circumstances, light crude approached the recent low, finishing the day slightly above $48. Will April’s 2009 lows pause oil bears for longer?

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On Thursday, crude oil gained 0.35% as Wednesday’s upbeat data and slightly bullish report on U.S. crude inventories continued to weigh. As a result, light crude climbed to an intraday high of $49.65, but did this move change anything?

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