On Friday, crude oil lost 3.34% as a bearish report from the International Energy Agency added to worries over a supply glut and affected negatively investors’ sentiment. In this environment, light crude dropped to a fresh 2015 low, slipping to the lowest level since Feb 2009. What’s next?

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On Thursday, crude oil lost 1.69% and hit a fresh 2015 low. How low could the commodity go in the coming week?

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Although light crude moved sharply higher after EIA weekly report showed that crude oil inventories in the U.S. dropped for the first time in 11 weeks, the commodity reversed and declined below the Aug low once again. Does this show of weakness suggest further deterioration?

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Although crude oil erased some of Monday’s sharp decline on Tuesday, the commodity is still trading under the previously-broken barrier of $40. Does it mean that the worst is not behind oil bulls?

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On Monday, crude oil lost 6.25% after OPEC didn’t agree to lower production on its Friday’s meeting. Additionally, a stronger greenback pushed the price of the commodity lower. In these circumstances, light crude broke below the barrier of $40 and declined sharply, hitting a fresh 2015 low of $37.50. Will we see further deterioration in the coming days?

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