On Tuesday, crude oil lost 1.36% as rising uncertainty around Brexit weighed on investors’ sentiment (leaving the European Union by Britain could trigger a recession and slow demand for crude oil in Europe). In these circumstances, light crude declined under the short-term support line and approached the Jun lows. Will we see lower prices in the coming days?

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On Monday, crude oil lost 0.65% after OPEC left its 2016 global crude oil demand growth forecast unchanged at 1.20 million barrels per day. Additionally, oil imports in China declined to four-month low, which weighed on the price and pushed light crude under $49. Will we see further deterioration in the coming days?

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On Friday, crude oil extended losses as a stronger dollar continued to weigh on the price. Additionally, the Baker Hughes’ report showed another increase in drilling activity, which pushed the black gold lower as well. As a result, light crude lost 3.13% and slipped under the barrier of $50, invalidating earlier breakout. What does it mean for the commodity?

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On Thursday, crude oil reversed and lost 2.08% as a broadly stronger dollar weighed on the price. In this environment, light crude slipped to the previously-broken May peak, approaching the barrier of $50. Will it withstand the selling pressure in the coming days?

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On Wednesday, crude oil moved higher once again, hitting fresh highs after bullish EIA weekly report. As a result, light crude gained 2.18% and closed the day above $51. Will we see further rally in the coming days?

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