On Tuesday, crude oil climbed for the first time in three days and gained 1.13% as expectations of Cushing supply decline and worries about another cold spell, which can increase heating oil demand pushed the price higher. In this way, light crude rebounded and came back well above $97 per barrel.

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On Monday, crude oil lost 0.84% as weaker-than-expected U.S. and Chinese economic data fueled concerns over crude oil demand. Thanks to this news, light crude closed the day below $97 for the first time since Jan.27.

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On Friday, crude oil erased Thursday’s gains as tepid economic growth in Europe and emerging markets fueled concerns over oil demand. Despite this drop, light crude climbed 0.58% during the last week (it was the third consecutive weekly gain) and remains above $97 per barrel.

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On Thursday, crude oil extended gains as the Commerce Department showed that the U.S. economy expanded 3.2% in the fourth quarter. Thanks to this news, light crude gained 0.62%, hit a 4-week high and closed the day above $98 per barrel.

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On Wednesday, crude oil extended losses as the EIA data showed that crude inventories rose more than expected. Despite this drop, light crude reversed and erased some of the declines after the Fed decided to cut $10 billion from its bond-buying program. Thanks to these news, crude oil gained 0.06% and closed the day above $97 once again.

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