On Monday, crude oil lost 7.17% as disappointing Chinese data and fading optimism over supply cuts from Russia and OPEC countries weighed negatively on the price. Thanks to these circumstances, light crude invalidated earlier breakout above resistance levels and closed the day under $32. How low could the commodity go in the coming days?

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Although crude oil moved sharply lower after the market’s open on Friday, oil bulls managed to stop further deterioration and erased almost all earlier declines. As a result, light crude came back above $33, but then closed the day under important resistance levels. Will they withstand the buying pressure in the coming week?

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On Thursday, crude oil gained 4.85% as rumors of OPEC output cuts and a weaker U.S. dollar supported the price. As a result, light crude climbed to the mid-Dec low and important medium-term resistance line. Verification of breakdowns or further rally?

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Although the EIA report showed another increase in crude oil inventories, yesterday’s build was smaller than numbers released by the API, which in combination with news that Russia considers cooperation with OPEC countries about crude oil’s output cuts supported the price of the commodity. Thanks to these circumstances, light crude gained 5.41% and approached resistance levels. What’s next?

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