On Monday, crude oil lost 0.55% after investors reacted to Friday’s Baker Hughes’ report, which showed that U.S. drillers added rigs for the 20th week in a row. Thank to this increase, the drilling recovery climbed to the highest level since mid-April 2015, raising worries over the supply glut. In this environment, light crude closed another day under $48. What’s next?

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On Friday, crude oil lost 1.45% as U.S. President Donald Trump's decision to withdraw from an international climate agreement raised worries over further increase in domestic production. In this environment, light crude slipped under the Fibonacci retracement and closed the day below it. Will this event encourage oil bears to act?

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Although the EIA showed a larger-than-expected drop in crude oil inventories, the black gold closed the day only 4 cents above Wednesday’s closure. Where are oil bulls?

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On Wednesday, the black gold extended losses after news that Libya's oil production has risen, climbing above a three-year high. In this environment, light crude lost 2.70% and closed the day below the long-term support line. What does it mean for the commodity?

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Although crude oil climbed above the level of $50 yesterday, this improvement was very temporary and the black gold closed the day below this barrier. In this way light crude invalidated the earlier breakout, which will likely trigger further declines. How low could the commodity go in the coming days?

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