The price of crude oil moved higher once again yesterday, but not after declining initially. Is the decline in the first part of the session a reason for one to be concern at this point?

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In short, the answer to the title question is that actually not much has changed – at least not since our last Oil Trading Alert was posted. There was a huge reversal on Thursday, and its implications remain in place also today, even though the crude oil price moved a bit lower on Friday (in fact, at the moment of writing these words, crude oil is back above the $90 level). The one thing that changed, though, are the implications coming from the analysis of weekly volume. You will find more details in today's Oil Trading Alert.

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Yesterday's price action in crude oil was something that showed once again that "everyone has brain power to make money in stocks, but few have the stomach." Sessions like these (or trading before such sessions) is when having a pro on your side can make all the difference between staying the course and selling close to the bottom. The outlook for the crude oil market has been bullish for some time and yesterday's session didn't change that. In fact, the outlook is now even more bullish and the long positions seem justified from the risk/reward point of view. Let's see why.

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Although crude oil climbed to almost $93 after an unexpected drop in crude supplies, news that Saudi Arabia lowered the official selling prices for its crude oil watered down the price of the commodity. As a result, light crude lost 0.68% and slipped to the recent lows. What’s next?

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On Tuesday, crude oil lost 3.18% as the combination of disappointing data from U.S. and euro zone weighed on the price. Additionally, report that OPEC production increased higher than expected watered down the commodity as well. In this environment, light crude reversed and declined sharply, erasing almost all recent rally. Is the situation as bearish as it looks at the first sight?

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