On Friday, crude oil reversed and declined sharply after the Organization of the Petroleum Exporting Countries' decision to keep production high weighed on investors’ sentiment. Thanks to these circumstances, light crude lost 2.74% and slipped under the barrier of $40 once again. What’s next?

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On Thursday, crude oil bounced off the barrier of $40 as a weaker U.S. dollar supported the price. In this environment, light crude erased around 50% of Wednesday’s decline and closed the day above $41. But did this increase change anything in the short-term picture of the commodity?

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On Wednesday, the commodity lost 3.72% after bearish EIA weekly report, which showed a bigger-than-expected increase in domestic crude oil inventories. Thanks to these circumstances, light crude moved sharply lower and slipped under the barrier of $40 for the first time since Aug. Is it enough to trigger further declines?

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Although crude oil moved higher supported by a weaker U.S. dollar, the commodity reversed and declined as the uncertainty around weekly supply reports and OPEC Friday’s meeting weighed on the price. As a result, light crude closed another day under its key resistance area. Time for a drop to the barrier of $40?

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On Monday, crude oil lost 0.22% as a stronger U.S. dollar pushed the price of the commodity lower. In this environment, light crude closed another day under its key resistance area. Will we see a test of the $40 in the coming days?

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