On Wednesday, crude oil extended losses after larger-than-expected increase in crude oil inventories. Thanks to these circumstances, light crude closed anther day below important support lines. Where will the commodity head next?

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Crude oil continues to slide, breaking below the rising support line based on the February, August and September lows. The price of black gold moved decisively below the 50-day moving average as well. Will the slide continue for much longer?

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On Monday, crude oil lost 3.78% after non-OPEC producers didn’t make a commitment to join OPEC in limiting oil output levels. Thanks to these circumstances, light crude slipped under $47 and reached an important support zone. Will it manage to stop further declines in the coming days?

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On Friday, crude oil lost 2.05% on news that OPEC officials didn’t reach an agreement in Vienna on how to reduce crude oil production. As a result, light crude slipped under $49. How low could the commodity go in the coming days?

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Crude oil failed to move back above the $50 yesterday – will the slide continue?

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