On Friday, crude oil lost 2.72% as slowing cuts to rig counts and historically high U.S. supplies weighed on the price. In these circumstances, light crude declined, invalidating earlier breakout above the resistance levels. Does it mean that we’ll see crude oil below $50 in the coming days?

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Although crude oil slipped below $50 after the market’s open weakened by another record high in crude inventories, the commodity rebounded later in the day as investors digested the EIA report. As a result, light crude ereased most of Wednesday’s decline and closed the day above $52, but did this increase change the short-term picture?

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On Wednesday, crude oil lost 5.18% as worries over a supply glut and slow demand weighed on the price once again. In these circumstances, light crude declined sharply to slightly above $50, invalidting earlier breakouts. Will we see the commodity lower in the coming days?

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Although crude oil moved lower after the market’s open weakened by concerns over the situation in Ukraine and Greece, the commodity rebounded as weaker U.S. dollar supported the price. As a result, light crude gained 1.08% and climbed above an important resistance, but is it as bullish as it seems at the first sight?

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On Friday, crude oil gained 2.59% as weaker greenback and Baker Hughes’ report supported the price. As a result, light crude closed the week above $50 once again, but the commodity still remains under the key resistance zone. Will we finally see a breakout in the coming week?

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