On Monday, crude oil lost 5.53% as sharp declines on China's stock market weighed on investors’ sentiment. In this environment, light crude dropped to a fresh multi-month low, breaking below its key support. What’s next?

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On Friday, crude oil lost 1.68% as the combination of disappointing Chinese data and the Baker Hughes report weighed on investors’ sentiment. As a result, light crude hit a fresh multi-month low, slipping under a key technical level of $40 for the first time since 2009. Where will the commodity head next?

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Although crude oil extended losses after the market’s open and hit a fresh multi-month low, the key support line continues to keep declines in check. Will it finally encourage oil bulls to push the commodity higher?

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On Wednesday, crude oil lost 3.38% after bearish EIA weekly supply report. As a result, the commodity declined sharply and reached the key support line once again. Will it withstand the selling pressure in the coming days?

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On Tuesday, crude oil gained 1.17% as hopes that crude oil inventories could decline for a third consecutive week weighed on investors’ sentiment. Thanks to these circumstances, light crude bounced off its key support line, but will we see the commodity above $43 in near future?

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