On Wednesday, crude oil extended losses as disappointing EIA weekly report affected negatively the price of the commodity. As a result, light crude lost almost 3% and slipped under the short-term support line. How low could crude oil go in the coming day(s)?

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On Tuesday, crude oil lost 3% as the International Energy Agency cut its forecast for global oil demand. In this environment, light crude erased almost all Monday’s gains and dropped under the 50-day moving average. What does it mean for the commodity?

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Crude oil has been moving back and forth in the past few weeks and nothing really changed in the outlook. What was likely at the beginning of September is still likely today and our previous analysis remains up-to-date. It continues to be very likely that crude oil will move to a certain price level before the bottom is in and before long positions are justified.

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On Friday, crude oil reversed and declined as a stronger U.S. dollar and a disappointing Baker Hughes report (it showed that the number of rigs drilling for oil in the U.S. increased by 7 to 414) affected negatively investors’ sentiment. As a result, light crude lost 3.65% and closed the day under the previously-broken resistance line. Is it enough to encourage oil bears to act in the coming week?

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On Thursday, crude oil moved sharply higher after the EIA report showed a larger-than-expected drop in crude oil and gasoline inventories. Thanks to these bullish numbers, light crude gained 4.66% and climbed above two important resistance lines. Is it enough to trigger a rally to $50?

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