Although crude oil moved sharply lower after the market’s open as soft Chinese factory data watered down the price, the commodity reversed and rebounded as mixed U.S. data weakened the greenback. As a result, light crude gained 0.69% and bounced off the strong support area. Will we see further improvement?

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On Friday, crude oil lost 1% as a stronger greenback in combination with ongoing worries that global supply is plentiful weighed on the price. Because of these circumstances, light crude reversed and erased some of Thursday’s gains. Did this move change anything in the short-term perspective?

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On Thursday, crude oil hit a fresh multi-month low after the International Energy Agency cut its forecast for global oil demand. Nevertheless, later in the day, the commodity reversed and erased earlier losses as the European Union agreed to implement fresh sanctions on Russia. As a result, light crude gained 1.49% and closed the day above $93. Is there more strength on the way?

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On Wednesday, crude oil lost 1.12% as bearish the EIA weekly report and a stronger U.S. dollar pushed the commodity lower. Because of these circumstances, light crude hit a fresh multi-month low, slipping below the Jan low. Are there any technical factors that could support oil bulls in the nearest future?

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Although crude oil moved higher after the market’s open on expectations that U.S. weekly supply data will be bullish, a stronger greenback limited the rally. As a result, light crude gave up gains and finally lost 0.40%. Did this downswing change the very short-term picture?

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