On Thursday, crude oil gained 0.81% as upbeat jobless claims data supported the price. Thanks to these bullish numbers, light crude reversed and closed the day above the previously-broken support zone. Will this event trigger further improvement?

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Today’s Oil Trading Alert will be rather short, but it doesn’t mean that it will any less significant. In fact, it will cover the situation from the perspective, which is the most important one for many investors.

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On Tuesday, crude oil lost 0.83% as worries over plentiful supplies outweighed fears that violence in Iraq, Libya and Ukraine could disrupt production. As a result, light crude declined to its level since February, testing the strength of the nearest support zone. Will it withstand the selling pressure?

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On Monday, crude oil gained 0.80% as geopolitical concerns over the situation in Iraq, Libya and Ukraine supported the price. Because of these circumstances, light crude bounced off the support zone, but will we see further rally?

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On Friday, crude oil extended losses as Chinese manufacturing and U.S. employment data disappointed market participants. As a result, light crude tested the strength of the March low. Will this support level stop oil bears’ charge in the nearest future?

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