On Monday, crude oil gained 1.03% as the combination of better-than-expected U.S. personal spending data and news of refinery closures supported the price. Thanks to these circumstances, light crude climbed above the last week’s high and closed the day above $94 for the first time since Sep 16. Are there any bearish factor on the horizon that could stop the rally?

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On Friday, crude oil gained 1% as the upbeat U.S. GDP report and geopolitical events pushed the price up. As a result, light crude climbed above $93 once again and broke its key resistance line. Is it time for further rally?

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On Thursday, crude oil lost 0.46% as a stronger greenback and ongoing worries that global supply is plentiful weighed on the price. In this environment, light crude dropped below $93 once again, invalidating earlier breakout. Will this event trigger further deterioration?

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On Wednesday, crude oil gained 1.25% as better-than-expected U.S. new home sales data and the EIA bullish report, which showed that domestic oil supplies unexpectedly fell last week, supported the price. Thanks to these circumstances, light crude extended rally and reached its key-resistance line. What’s next?

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Crude oil moved higher yesterday and the corresponding volume was higher than we had seen on the previous day, when it declined. Is this bullish signal likely to be followed by further gains?

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