Sent to subscribers on March 30, 2016, 12:21 PM.

On Tuesday, crude oil lost 2.06% ahead of the American Petroleum Institute’s weekly inventory report. Thanks to this drop, light crude closed another day under $39, but reached important support zone. Will it encourage oil bulls to act in the coming days?

Yesterday, crude oil extended losses after the market’s open as concerns over another increase in crude oil inventories to record highs affected negatively investors’ sentiment, which resulted in a drop to intraday low of $37.91. Despite this decline, the commodity erased some losses after Federal Reserve Chair Janet Yellen dampened expectations for an upcoming U.S. rate hike (if you would like to know more about real interest rates click here), which pushed the USD Index lower, making light crude more attractive for buyers holding other currencies. Will we see further improvement in the coming days? Let’s examine charts and find out what can we infer from them (charts courtesy of http://stockcharts.com).

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