On Thursday, crude oil climbed to an intraday high of $100.93 supported by the upbeat U.S. and Chinese data. However, later in the day, the commodity gave up the gains as traders who had bet on higher price locked in their profits after Wednesday's rally. As a result, light crude temporarily slipped below the psychological barrier of $100 once again. It is possible that we will not see crude oil above $101 in the coming days?

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On Wednesday, crude oil gained 0.99% as the EIA report showed an unexpected drop in crude-oil supplies. Thanks to this bullish news, after two failed attempts, light crude came back above the key level of $100 and invalidated the breakdown below one of the resistance lines. Are there any other encouraging signs on the horizon?

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On Tuesday, crude oil gained 0.48% as a weaker dollar and ongoing concerns over tensions between Russia and Ukraine weighted on the price. Thanks to these circumstances, the price of light crude climbed above $100 once again. Did this show of “strength” invalidate any of bearish technical factors that we noticed in the previous week?

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On Monday, crude oil climbed above $100 per barrel supported by the upbeat U.S. service sector data. Despite this improvement, the commodity reversed and lost 0.54% as weaker-than-expected economic data from major crude consumer China weighted on investors’ sentiment. In this way, light crude closed the day below the psychological barrier for the fourth time in a row. Is it enough to trigger another sizable downswing?

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On Friday, crude oil gained 0.72% as stronger-than-expected U.S. employment data and ongoing concerns over tensions between Russia and Ukraine weighted on the price. In this way, light crude rebounded and hit an intraday high of $100.14. Did this rally change anything in the overall outlook?

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