On Thursday, crude oil was trading in a narrow range after mixed economic data. Light crude rose after better-than-expected U.S. retail sales, but gave up the gains as uncertainty over whether the U.S. Federal Reserve may begin to withdraw its stimulus program weighted on price.

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On Wednesday, crude oil lost 1.23% after the EIA data showed that U.S. crude oil inventories posted their biggest weekly decline in nearly a year, while gasoline supplies climbed more than expected amid weak demand. In this way, light crude erased almost the entire Tuesday increase and closed the day below $98 per barrel.

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On Tuesday, crude oil gained 1.50% as market participants digested news of progress toward opening the TransCanada Corp pipeline to move oil from the U.S. Midwest to the Gulf, helping drain crude from Cushing, Oklahoma. The news fueled expectations of a decline in crude stockpiles for a second week in a row and pushed crude oil to its highest level since Oct. 28.

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On Monday, crude oil lost 0.63% as traders cashed in profits following six sessions of strong gains. Although light crude dropped below $98, it still remains near a five-week high.

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On Friday, crude oil continued its rally and rose to a fresh five-week high as upbeat U.S. economic data boosted the price. In this way, light crude gained 5.43% last week and closed slightly below $98 per barrel.

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