On Monday, crude oil gained 2.47% as the combination of a weaker greenback and a Midwest refinery shutdown supported the price. Thanks to these circumstances, light crude bounced off a fresh multi-month low and closed the day well above $44, invalidating earlier breakdown below support/resistance levels. Does it mean that investors’ sentiment has improved and we’ll see higher prices?

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Crude oil declined by more than 6% last week, continuing the freefall. In the second half of 2014, crude oil’s price was more than cut in half. Since crude oil started declining at about $60 (which is more or less where we had opened our short positions), the question is if crude oil will have to move below $30 before the decline is over. Will it?

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On Thursday, crude oil lost 0.58% as an increase in supplies of oil products and a stronger greenback weighed on the price. As a result, light crude hit a fresh multi-month low and slipped to the support area. Will it stop further declines?

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Although EIA showed in its weekly report that crude oil inventories declined once again, the commodity reversed and declined to a fresh multi-month low in the following hours. Does this show of weakness suggest lower values of the commodity?

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On Tuesday, crude oil moved higher after the market’s open supported by hopes for another decline in U.S. stockpiles. Thanks to these circumstances, light crude bounced off the multi-month low and gained 1.48%. Did this increase change anything in the short-term picture of the commodity?

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