On Friday, crude oil lost 0.61% as disappointing U.S. economic data and profit taking weighted on the price. Thanks to these circumstances, light crude declined below $103, approaching its first downside target. What’s next?

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On Thursday, crude oil gained 0.42% as the EIA report showed a larger-than-expected drop in U.S. gasoline supplies and shrinking inventories in the Oklahoma. These positive numbers overweighed bigger-than-expected build in crude oil stocks and pushed the commodity to the previously-broken support/resistance line. Is this the beginning of further improvement or just a verification of the breakdown?

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On Wednesday, crude oil lost 1.04% on expectations for a bearish supply report from the EIA as imports rebounded from a 17-year low. Because of these circumstances, light crude closed the day below its important support. Is it enough to trigger another sizable downswing?

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On Tuesday, crude oil lost 0.22% as a stronger U.S. dollar weighted on the price. In this way, light crude reversed, invalidating the breakout above an important resistance line. What does this show of weakness mean for the very short-term picture?

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On Friday, crude oil gained 0.61% as better-than-expected data on U.S. home sales supported the price. Thanks to this news, light crude broke above the resistance line, reaching another. Will oil bulls be strong enough to break it too?

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