On Thursday, crude oil slipped from a three-week high and lost 0.50% as weak U.S. and global economic numbers pushed the price lower. As a result, light crude closed the day below $102, stepping back from the resistance zone. Does it mean that the recent rally in crude oil running out of steam?

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On Wednesday, crude oil climbed to a three-week high as upbeat wholesale pricing data and the EIA report, which showed an unexpected increase in demand for petroleum products, supported the price. Thanks to this news, light crude climbed above $102 once again and reached an important resistance zone. Will it stop bulls’ charge?

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On Tuesday, crude oil gained 1.34% as worries over the situation in Ukraine and concerns about the success of the agreement between Libya and rebels outweighed disappointing Chinese and U.S. data. In reaction to this, light crude climbed above $102 and approached the next resistance zone. What’s next?

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On Monday, crude oil gained 0.55% on concerns that the West could impose sanctions on Russia after a referendum by pro-Russian separatists in eastern Ukraine over the weekend. In this environment, light crude moved higher and invalidated the breakdown below the 200-day moving average. Did it change anything in the overall outlook?

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On Friday, crude oil hit an intraday high of $101.18 supported by ongoing concerns over tensions in Ukraine. Despite this improvement, the commodity reversed and lost 0.20% as weaker-than-expected economic data from China and a stronger dollar weighted on the price. Because of these circumstances, light crude erased earlier gains and temporarily slipped below the psychological barrier of $100 once again. Is it enough to trigger another sizable downswing?

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