On Monday, crude oil lost 7.60% as news about Iraq's output weighed on investors’ sentiment and renewed worries over a supply glut. As a result, light crude, declined sharply under the barrier of $30 and closed the day below it. Is it time for fresh lows?

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On Friday, crude oil gained 8.04% as cold U.S. weather fuelled hopes for higher demand for heating oil. Thanks to these circumstances, light crude came back above the barrier of $30, invalidating earlier breakdown. Does it mean that the worst is behind oil bulls?

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Although EIA showed in its weekly report another increase in crude oil and gasoline inventories, the commodity reversed and climbed to the barrier of $30. Earlier today, light crude extended gains, hitting an intraday high above $31. Does it mean that the final bottom already in?

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On Wednesday, crude oil lost 3.74% and hit a fresh multi-year low of $27.56 as worries over supply glut continued to weigh on the price of the commodity. Thanks to these circumstances, light crude closed the day slightly above $28.Where will crude oil head next?

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