On Friday, crude oil moved sharply lower after the market’s open and reached an important support level, which encouraged oil bulls to act in the following hours. How did this action affect the technical picture of the black gold?

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On Tuesday, crude oil lost 2.42% as worries over the sharp increase in U.S. production continued to weigh on investors’ sentiment. In this environment, light crude dropped under the short-term support line, but will we see further deterioration in the following days?

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On Monday, the black gold moved a bit lower after oil investors reacted to bearish Friday’s Baker Hughes’ report, which showed that U.S. drillers added oil rigs for the next week in a row. In these circumstances, the black gold lost 0.99% and slipped under the 200-day moving average once again. Will this event encourage oil bears in the coming day?

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On Friday, crude oil gained 0.74% after Saudi Energy Minister Khalid al-Falih commentaries, which renewed hopes of an extension of output cuts by OPEC and non-OPEC producers. In these circumstances, light crude climbed above two moving averages, invalidating the earlier breakdowns. What does it mean for the black gold?

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Yesterday, crude oil extended losses and dropped to a fresh April’s low. Will we see lower prices of the commodity in the coming days?

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