The crude oil market moved higher once again today, but has it moved high enough to change anything? Is the picture now really bullish? Is it worth betting on further price increases? You'll find our views in today's Oil Trading Alert.

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On Thursday, after the market’s open crude oil hit a 2-week low as bearish supply data continued to weigh. However, the commodity reversed as slightly better-than expected U.S. job data supported the price. As a result crude oil reached its major support line. Will it encourage oil investors to push the buy button?

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On Wednesday, crude oil moved higher supported by a drop in crude oil inventories. Despite this improvement, the commodity reversed and decline, losing 0.44% as gasoline and diesel supplies weighted on the price. Thanks to these circumstances, light crude came back to ist important support, but will it withstand once again?

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On Tuesday, crude oil gained 0.38% as U.S. car makers reported strong sales, indicating stronger demand for gasoline. Despite this small increase, the commodity was trading near the previous session’s low. Will we see a consolidation before next sizable move?

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On Monday, crude oil moved higher after the market’s open supported by the upbeat Chinese manufacturing data. Despite this improvement, the commodity reversed after a disappointing U.S. manufacturing report as profit taking weighted on the price. In reaction to this, light crude lost 0.42% and declined to the medium-term support line. Will it be strong enough to stop further deterioration?

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