On Friday, crude oil declined under support levels as uncertainty around OPEC cut deal continued to weigh on investors’ sentiment. What’s next for the commodity?

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On Wednesday, crude oil moved higher supported by a larger-than-expected drop in crude oil inventories, but gains were capped by an increase in gasoline inventories and distillate stockpiles. Additionally, a stronger greenback and uncertainty around OPEC cut deal pushed the commodity lower. Will we see further deterioration?

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On Tuesday, crude oil moved little lower after news that Iran, Iraq and Indonesia had expressed reservations about their level of participation in the OPEC’s cut deal. As a result, light crude gave up earlier gains and slipped to the previously-broken levels. Will we see further deterioration?

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On Monday, crude oil gained 4.06% as growing expectations that major oil producers will reach a deal to cut output supported the price. Thanks to these circumstances, light crude broke above the last week’s high and the 50-day moving average. Will these positive technical events trigger further rally?

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On Friday, crude oil moved higher once again as optimism over an OPEC deal to limit production continued to weigh on investors’ sentiment. In this environment, light crude gained 0.83% and closed the day above the 38.2% Fibonacci retracement. What does it mean for the commodity?

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