On Friday, crude oil moved little higher supported by worries over supply disruptions in Libya and Iraq. Despite this improvement, the commodity reversed and declined sharply as a stronger U.S. dollar weighed on the price. Thanks to these circumstances, light crude lost 2.33% and closed the day below support levels. Where the commodity head next?

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Although Saudi Arabian oil minister commentary and attacks in Libya supported the price after the market’s open, the commodity reversed and declined as a stronger greenback pushed crude oil lower. As a result, light crude lost 1.22% and slipped below its important support line. Will we see further deterioration in the coming days?

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On Wednesday, crude oil gained 1.88% as news from Iran overshadowed the bearish EIA weekly report. In these circumstances, light crude climbed above $51 and invalidated the breakdown under important support line. What does it mean for the commodity?

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On Tuesday, crude oil gained 1.73% ahead of U.S. supply data. As a result, light crude closed the day above the level of $50, but did this increase change anything in the short-term picture?

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Although crude oil moved higher after the market’s open supported by a weaker greenback, the commodity reversed and gave up some gains as worries over high supplies weighed on the price. In this way, light crude approached its key resistance zone, but oil bulls didn’t manage to push it higher. Does it mean that the worst is not behind us?

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