Although crude oil moved lower after the market’s open, hitting a fresh multi-year low, the commodity rebounded supported by the EIA weekly report, which showed that crude supplies fell. Thanks to this data, light crude gained 1.54% and approached the previously-broken level of $50. Is it enough to trigger further improvement?

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On Tuesday, crude oil lost 3.88% as expectations of growing supplies and concerns over the pace of global growth weighed on the price. In this way, light crude dropped to its lowest level since Apr 2009, slipping well below $50 per barrel. What’s next?

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On Friday, crude oil lost 1.68% as the combination of weak Chinese economic data, a stronger greenback and news of increased production in some regions weighed on the price. As a result, light crude extended losses and hit a fresh multi-year low. Will we see new lows in the coming days?

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On Wednesday, crude oil extended losses and hit a fresh 2014 low weakened by disappointing Chinese economic data. Although the commodity rebounded slightly in the following hours supported by the EIA weekly report, light crude posted its biggest annual loss since the recession in 2008. Is the worst behind oil bulls?

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On Tuesday, crude oil continued to fall after the market’s open on concerns over global supplies, which resulted in a fresh 2014 low. In this way, light crude reached the next solid support zone, but will it withstand the selling pressure?

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