On Friday, crude oil gained 0.54% as ongoing worries over the potential of supply disruptions from Iraq continued to weigh on the price. As a result, light crude climbed above the resistance line, invalidating earlier breakdown. Will this bullish factor trigger further improvement in the short term?

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Although crude oil declined after the market’s open, the combination of ongoing concerns over a disruption to supplies from Iraq and upbeat U.S. data supported the commodity and pushed it higher. Did this one-day rally change anything in the very short-term picture?

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On Wednesday, crude oil lost 0.53% after the EIA showed in its weekly report that oil inventories fell less than expected in the week ended June 13. As a result, light crude extended its decline below the medium-term support line. Where the commodity head next?

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On Tuesday, the price of crude oil wobbled between gains and losses throughout the session as mixed data and profit taking weighed on investors’ sentiment. As a result, light crude reversed after an increase to the resistance zone and declined below an important medium-term support line. Will this event be strong enough to trigger a sizable correction?

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Although light crude moved higher after the market’s open supported by ongoing concerns over the situation in Iraq, the commodity reversed and lost 0.18% as the International Monetary Fund cut its forecast for U.S. economic growth this year. In this way, crude oil reached the previously-broken medium-term support/resistance line. Will we see an invalidation of the breakout in the coming days?

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