On Thursday, crude oil extended losses as bearish supply data continued to weigh. Rising greenback weighed on the price as well. Thanks to these circumstances, light crude lost 0.73% and hit a fresh multi-month low. Will we see the commodity below $48 in the coming days?

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On Wednesday, crude oil lost 2.77% after EIA weekly report showed unexpected increase in domestic oil supplies. As a result, light crude declined sharply and broke below the psychologically important barrier of $50. How low could the commodity go in the coming days?

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Although crude oil declined after the market’s open, hitting a fresh multi-month low, the commodity rebounded in the following hours and closed the day above the Jul 7 low. Did this upswing change anything in the short-term picture of crude oil?

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On Monday, crude oil lost 1.06% as a stronger U.S. dollar continued to weigh on the price. Although the commodity didn’t hit a fresh multi-month low, light crude closed the day at its lowest level since Apr 2. Will the barrier of $50 withstand the selling pressure?

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On Friday, crude oil extended losses and hit a fresh multi-month low, re-testing the barrier of $50 as a stronger greenback continued to weigh on the price. Although the commodity rebounded slightly later in the day, light crude lost 0.27% and closed the week at its lowest level since Apr. Where will crude oil head next?

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