Although black gold moved higher after the EIA showed a sharp decline in crude oil inventories, the price of the commodity reversed and declined on concerns about the heavy increase in crude oil exports. As a result, light crude slipped under the barrier of $50 and closed the day below it, invalidating the earlier breakout. Will we see further deterioration in the coming days?

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On Tuesday, light crude lost 0.32% as Friday news and uncertainty ahead of inventories reports pushed the price of black gold lower. In this environment the commodity re-tested the barrier of $50 and August peaks, but will they withstand the selling pressure in the coming days?

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On Monday, crude oil lost 2.11% after investors digested Friday’s news (the Baker Hughes report and higher OPEC output). Thanks to these circumstances, light crude slipped to the barrier of $50 and tested August peaks. Will we see a verification of the earlier breakout above them or further declines in the coming week?

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Although the price of black gold increased a bit on Friday, the commodity closed the whole week below important resistance lines and invalidated earlier breakouts. What does it mean for crude oil?

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On Thursday, crude oil lost 1.11% and invalidated the earlier breakout above the long-term resistance line, the previous highs and the lower border of the rising trend channel. Will these negative events trigger further deterioration in the coming week?

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