On Wednesday, light crude gained over 2% and reached $104.23 (an intraday high). It is crude oil’s largest daily percentage gain since Sept. 18. The price of light crude was supported by a weaker U.S. dollar as commodities priced in the greenback became less expensive for holders of other currencies. Yesterday, the dollar was under selling pressure as a U.S. government shutdown entered a second day with no end in sight.

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On Tuesday, light crude lost 0.65% and dropped to $101.06 (an intraday low) on concerns that the U.S. government shutdown would reduce demand for this commodity in the world's largest oil consumer. Wrangling in the United States between President Barack Obama and congressional Republicans has forced the first government shutdown in 17 years. The shutdown has left hundreds of thousands of federal employees on unpaid leave.

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On Monday, crude oil lost 0.48% and dropped to a new monthly low at $101.05 as the prospect of a U.S. government shutdown could crimp oil demand. However, light crude erased most of the losses late in the day and closed at $102.29 per barrel. In the previous month crude oil lost 5.08% as many of bull factors have been removed from the market. Crude oil supply has improved, with Libya ramping up output while tensions over Syria and Iran eased. It is the first monthly loss since May.

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On Friday, the price of crude oil rose to $103.77 per barrel and reached above the August 22 low on an intraday basis. However, soft U.S. data led to profit taking by fueling concerns that U.S. recovery still faces potholes and may demand less fuel and energy going forward. Additionally, the price of oil fell as tensions eased between the United States and Iran after the Obama-Rouhani talks.

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On Thursday, crude oil gained 0.71% and climbed to $103.29 (an intraday high) as investors sought bargains after sharp losses in the previous days. Despite easing political worries about Iran and an improving supply picture, light crude rose 58 cents (compared with the Wednesday‘s closing price). It is its first day of gains following five straight sessions of losses.

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