Yesterday we wrote about the crude oil’s inability to move higher despite a drop in the number of U.S. oil rigs (first time in six weeks) and saw another sign of weakness in the black gold – the latter didn’t manage to rally despite a visible move higher in the general stock market. Is oil really poised to plunge?

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Although U.S. oil rigs dropped for the first time in six weeks, crude oil declined and lost almost 2% on Friday. Does this show of weakness suggest lower values of the commodity in the coming week?

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The price of crude oil rallied sharply just a few weeks ago, but it gave away almost the entire rally. The question is how low can (and is likely to) crude oil slide before the final bottom is reached. Today’s alert is dedicated to answering this critical question.

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Although crude oil declined at the beginning of the session weakened by the EIA weekly report, the commodity reversed and rebounded quite sharply after the first monthly decline in OPEC supply since February. Thanks to these circumstances, crude oil gained 4.21% and closed the day above $46. Will we see further improvement?

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On Tuesday, crude oil reversed and declined sharply as weak Chinese data weighed on investors’ sentiment. As a result, the commodity approached support levels, but will they encourage oil bulls to act in the coming days?

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