On Thursday, crude oil declined to a new monthly low of $92.51 as the U.S. Energy Information Administration (EIA) data showed a much-larger-than-expected rise in U.S. crude inventories. However, light crude quickly reversed course after Federal Reserve Chair Nominee Janet Yellen told that monetary stimulus tools shouldn't be removed too soon. Thanks to this comment, crude oil gained 0.51% and closed the day slightly below $94 per barrel.

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On Wednesday, crude oil gained 0.46% and climbed to its intraday high of $94.54 as hopes for a bullish U.S. supply report and expectations of declines in refined-products stocks weighted on price. Also supporting were comments from Israeli Prime Minister Benjamin Netanyahu warning that a "bad deal" with Iran on its nuclear program could lead to war.

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On Tuesday, crude oil lost over 2% and hit a fresh monthly low of $92.86 as fears over growing crude supplies, high domestic production and speculation that the U.S. Federal Reserve may ease up on its monetary stimulus program weighted on price. This is light crude’s largest one-day drop since June 20.

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On Monday, crude oil gained 0.71% after talks between Iran and Western leaders over Iran's nuclear program failed. Light crude climbed to its daily high of $95.38 and closed the day above $95 for the first time since the end of October.

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On Friday, crude oil was trading in a narrow range as oil investors tried to puzzle out the impact of a larger-than-expected increase in U.S. job creation in October. Light crude hit its daily low of $93.90 and then rebounded to its daily high of $94.92, but it closed Friday at Thursday’s closing price.

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