On Thursday, crude oil extended losses and hit a fresh 2015 low weakened by the Wednesday’s bearish EIA weekly report on domestic inventories. Despite this drop, the commodity rebounded later in the day, gaining 0.47% as upbeat jobless claims report supported the price. Did this increase change anything in the short-term picture?

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On Wednesday, crude oil lost 3.06% as the combination of bearish EIA weekly report and news that Barclays cut its oil-price forecasts for 2015 weighed on the price. As a result, light crude declined sharply, hitting a fresh multi-year low. What’s next?

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On Tuesday, crude oil gained 1.55% after mixed U.S. data weakened the greenback. As a result, light crude climbed above $46, but the nearest resistance still keeps gains in check. Will we see higher values of the commodity in the coming days?

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Although crude oil moved higher after the market’s open supported by the Abdalla Salem el-Badri’s (the secretary general of OPEC) commentary, the commodity reversed and approached the recent multi-year low. Will we see a double bottom or rather new low in the coming days?

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Crude oil moved higher after the market’s open supported by news of Saudi Arabia King Abdullah's death and bullish Chinese and U.S. data. Despite these supportive factors, the commodity reversed as investors digested that there will be no change in Saudi's policy. In this way, light crude lost 2.64% and declined below $46 once again, breaking under the lower border of the consolidation. What does it mean for the commodity?

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