On Friday, crude oil gained 1.82% as news of escalating tensions in Ukraine outweighed mixed U.S. economic data. Because of these circumstances, light crude bounced off a support zone created by the Fibonacci retracement levels and came back near the previous lows. Will we see further rally in the coming days?

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The combination of the bearish EIA weekly report, soft retail sales numbers and waning worries that conflicts in Ukraine and Iraq will disrupt supplies from these regions pushed the price lower after the market’s open. Although the commodity rebounded in the following hours, light crude is still trading in a narrow range. Will we see a breakthrough in the coming days?

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On Tuesday, crude oil lost 0.68% as the bearish report from the International Energy Agency and waning concerns over Iraq supply disruptions weighed on the price. As a result, light crude re-tested the strength of the support zone and approached the recent lows. Will we see a breakthrough in the next few days?

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The situation in the crude oil market is far from exciting on a day-to-day basis. The commodity moves a little in one direction fueling hopes for a breakout or breakdown and a trading opportunity only to move back the following day. However, there is something about this lack of movement that can get one excited.

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On Friday, crude oil lost 0.28% as worries over the situation in Iraq and Ukraine waned. As a result, light crude reversed and re-tested the strength of the support zone. Will it stop further deterioration?

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