On Tuesday, crude oil lost 0.78% as speculation that weekly supply data will show another build in U.S. crude inventories weighed on the price. Thanks to these circumstances, light crude slipped to its lowest level since Aug 31 and closed the day under important support zone. What’s next for the commodity?

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On Monday, crude oil lost 2.24% as downbeat Goldman Sachs forecast and ongoing worries over the supply glut weighed on the price. As a result, light crude broke below important support levels and hit a fresh six-week low. Where will the commodity head next?

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Although crude oil moved little higher after the market’s open, the commodity reversed and declined as a stronger greenback weighed on the price. In this environment, light crude lost 1.67% and broke below the 50-day moving average, slipping to the key support area. Will it withstand the selling pressure in the coming days?

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On Thursday, crude oil gained 0.51% after the European Central Bank signaled its willingness to launch more stimulus measures. As a result, light crude climbed to its nearest resistance, but then gave up some gains. A sign of weakness?

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On Wednesday, crude oil lost 1.44% as larger-than-expected build in crude oil inventories pushed the price lower. As a result, light crude extended losses and slipped to its important support area. What’s next?

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