On Thursday, crude oil gained 1.63% as signs of strength in the U.S. economy helped support prices. This is light crude’s biggest one-day gain since Oct. 2. In this way, crude oil climbed to its highest level since the beginning of the month and closed the day above $95 per barrel.

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On Wednesday, crude oil increased after the U.S. Energy Information Administration (EIA) data showed that crude supplies rose less than analysts had expected last week amid stronger product demand. However, light crude reversed course after Federal Reserve officials’ comments. In this way, crude oil finished slightly lower and gained 0.49%.

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On Tuesday, crude oil declined once again and hit a fresh monthly low of $92.43 as concerns about rising U.S. inventories and uncertainty over the duration of the Federal Reserve’s stimulus program weighed on price. Despite this drop, light crude reversed course after Bernanke's comments and on hopes of higher U.S. oil demand. Finally, crude oil gained 0.41% and closed the day above $93 per barrel.

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On Monday, crude oil lost 0.78% and declined to slightly above the November low as expectations that the Federal Reserve could taper its bond buying program and hopes that Western and Iranian diplomats will make progress over Teheran’s nuclear program weighted on the price of light crude.

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On Friday, crude oil was trading in a narrow range as investors remained confused. On one hand, a U.S. inventories report pushed the price lower, but on the other hand, Janet Yellen’s comments gave oil a boost. Finally, light crude lost 0.19% and closed the day slightly below $94 once again.

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