On Friday, crude oil lost 1.21% as doubts about the impact of the OPEC and non-OPEC agreed output cuts weighed on the price. As a result, light crude erased most of Thursday’s increase and closed the day below $53. What’s next?

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On Thursday, crude oil gained 1.45% after news that Saudi Arabia cut output by more than agreed (to its lowest in almost two years), which supported the price. Thanks to these circumstances, light crude climbed above $53, but did this move change anything in the overall picture of the commodity?

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Although the EIA weekly report showed a larger-than-expected weekly build in U.S. crude and fuel inventories, news that Saudi Arabia cut exports to Asia and a weaker U.S. dollar supported the price of crude oil. In this environment, light crude gained 2.81% and came back above the previously-broken levels. Can we trust this invalidation of the earlier breakdowns?

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On Tuesday, the black gold extended losses after the U.S. Energy Information Administration revised its 2017 U.S. crude oil output and said that crude production will rise to 9.3 million bpd next year. This news renewed fears about the supply glut and pushed light crude under important support levels. Will crude oil test the barrier of $50 in the coming days?

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On Monday, crude oil lost 3.76% as the combination of a bearish Baker Hughes report and news that Iran has sold more than 13 million barrels of oil weighed on investors’ sentiment. Thanks to these circumstances light crude declined sharply and broke below support levels. What does it mean for the black gold?

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